# EDGAR Filing Document

**Accession Number:** 0001611282
**File Stem:** 0001575872-23-000458
**Filing Date:** 2023-3
**Character Count:** 562483
**Document Hash:** 65f1a5fb999d6da6a35b45fc7301ae04
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001575872-23-000458.hdr.sgml**: 20230328

**ACCESSION NUMBER**: 0001575872-23-000458

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 76

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230328

**DATE AS OF CHANGE**: 20230328

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PishPosh, Inc.
- **CENTRAL INDEX KEY:** 0001611282
- **STANDARD INDUSTRIAL CLASSIFICATION:** RETAIL-NONSTORE RETAILERS [5960]
- **IRS NUMBER:** 882267409
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41623
- **FILM NUMBER:** 23769603

**BUSINESS ADDRESS:**
- **STREET 1:** 1915 SWARTHMORE AVENUE
- **CITY:** LAKEWOOD
- **STATE:** NJ
- **ZIP:** 08701
- **BUSINESS PHONE:** (732) 905-3716

**MAIL ADDRESS:**
- **STREET 1:** 1915 SWARTHMORE AVENUE
- **CITY:** LAKEWOOD
- **STATE:** NJ
- **ZIP:** 08701

?xml version="1.0" encoding="utf-8"? PishPosh, Inc.

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 10-K**

**(Mark One)**

⌧ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the Fiscal Year Ended December 31, 2022** 

**Or**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to**

**Commission File Number: [___________]**

![](ms018_img01.jpg)

**PishPosh, Inc.**

(Exact name of registrant as specified in its charter)

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| | |
|:---|:---|
| **Delaware**<br>| **88-2267409**<br>|
| (State or other jurisdiction of incorporation or organization)<br>| (I.R.S. Employer Identification No.)<br>|

---

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| |
|:---|
| **1915 Swarthmore Avenue**<br>|
| **Lakewood, New Jersey 08701**<br>|
| (Address of Principal Executive Offices) (Zip Code)<br>|

---

---

| |
|:---|
| **(813) 659-5921**<br>|
| (Registrant's Telephone Number, Including Area Code)<br>|

---

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of Each Class**<br>| **Trading Symbol(s)**<br>| **Name of Each Exchange on which Registered**<br>|
| N/A<br>| N/A<br>| N/A<br>|

---

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes



No ⌧

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes



No⌧

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes



No⌧

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files.) Yes ⌧

&nbsp;&nbsp;&nbsp;&nbsp;No



Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer  Accelerated filer  Non-accelerated filer ⌧ Smaller reporting company ⌧ Emerging growth company ⌧

If an emerging growth company, indicate by a check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.



Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.



If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the fi ling reflect the correction of an error to previously issued financial statements. ◻

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ◻

Indicate by a check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes



&nbsp;&nbsp;&nbsp;&nbsp;No ⌧

The

aggregate market value of the voting and non-voting stock held by non-affiliates of the registrant as of the last business day of the registrant's most recently completed second fiscal quarter, based on the price at which the common equity was last sold as of June 30, 2022 was approximately $2,377,744. For purposes of this computation only, all officers, directors and 10% or greater stockholders of the registrant are deemed to be "affiliates."

The number of shares outstanding of each of the registrant's classes of common stock as of the latest practicable date was: 4,939,345 shares of $0.000001 par value common stock outstanding as of March

, 2023.

PishPosh, Inc.

Annual Report on Form 10-K for the Fiscal Year Ended December 31, 2022

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | Page No.  |
|  | [**Part I**](#a-001_001_parti) |  |
| [1.](#a-001_002_item1business) | [Business](#a-001_002_item1business) | [5](#a-001_002_item1business) |
| [1A.](#a-001_003_item1ariskfacto) | [Risk Factors](#a-001_003_item1ariskfacto) | [8](#a-001_003_item1ariskfacto) |
| [1B.](#b-001_001_item1b) | [Unresolved Staff Comments](#b-001_001_item1b) | [20](#b-001_001_item1b) |
| [2.](#b-001_002_item2) | [Properties](#b-001_002_item2) | [20](#b-001_002_item2) |
| [3.](#b-001_003_item3legalproce) | [Legal Proceedings](#b-001_003_item3legalproce) | [21](#b-001_003_item3legalproce) |
| [4.](#b-001_004_item4minesafety) | [Mine Safety Disclosures](#b-001_004_item4minesafety) | [21](#b-001_004_item4minesafety) |
|  | [**Part II**](#b-001_015_partii) |  |
| [5.](#b-001_005_item5) | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#b-001_005_item5) | [22](#b-001_005_item5) |
| [6.](#b-001_006_item6) | [\[Reserved\]](#b-001_006_item6) | [23](#b-001_006_item6) |
| [7.](#b-001_007_item7) | [Management's Discussion and Analysis of Financial Condition and Results of Operations](#b-001_007_item7) | [23](#b-001_007_item7) |
| [7A.](#b-001_008_item7aquantitat) | [Quantitative and Qualitative Disclosures About Market Risk](#b-001_008_item7aquantitat) | [32](#b-001_008_item7aquantitat) |
| [8.](#b-001_009_item8financials) | [Financial Statements and Supplementary Data](#b-001_009_item8financials) | [32](#b-001_009_item8financials) |
| [9.](#b-001_010_item9) | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#b-001_010_item9) | [33](#b-001_010_item9) |
| [9A.](#b-001_011_item9a) | [Controls and Procedures](#b-001_011_item9a) | [33](#b-001_011_item9a) |
| [9B.](#b-001_012_item9b) | [Other Information](#b-001_012_item9b) | [34](#b-001_012_item9b) |
| [9C.](#b-001_013_item9c) | [Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#b-001_013_item9c) | [34](#b-001_013_item9c) |
|  | [**Part III**](#b-001_016_partiii) |  |
| [10.](#b-001_014_item10directors) | [Directors, Executive Officers and Corporate Governance](#b-001_014_item10directors) | [35](#b-001_014_item10directors) |
| [11.](#a-001_020_item11executive) | [Executive Compensation](#a-001_020_item11executive) | [39](#a-001_020_item11executive) |
| [12.](#a-001_021_item12securityo) | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#a-001_021_item12securityo) | [46](#a-001_021_item12securityo) |
| [13.](#a-001_022_item13certainre) | [Certain Relationships and Related Transactions, and Director Independence](#a-001_022_item13certainre) | [47](#a-001_022_item13certainre) |
| [14.](#a-001_023_item14principal) | [Principal Accountant Fees and Services](#a-001_023_item14principal) | [50](#a-001_023_item14principal) |
|  | [**Part IV**](#a-001_004_partiv) |  |
| [15.](#a-001_024_item15) | [Exhibits and Financial Statement Schedules](#a-001_024_item15) | [51](#a-001_024_item15) |
| [16.](#a-001_026_item16) | [Form 10-K Summary](#a-001_026_item16) | [51](#a-001_026_item16) |
|  | [Signatures](#c-001_001_signatures) | [52](#c-001_001_signatures) |

---

**FORWARD-LOOKING STATEMENTS**

This report contains forward-looking statements that are subject to risks and uncertainties. All statements other than statements of historical fact included in this report are forward-looking statements. Forward-looking statements discuss our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as "aim," "anticipate," "believe," "estimate," "expect," "forecast," "outlook," "potential," "project," "projection," "plan," "intend," "seek," "may," "could," "would," "will," "should," "can," "can have," "likely," the negatives thereof and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. They appear in a number of places throughout this report and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which we operate. All forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those that we expected, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;· the impact of COVID-19 on the U.S. and global economies, our employees, suppliers, customers and end consumers, which could adversely and materially impact our business, financial condition and results of operations;

&nbsp;&nbsp;&nbsp;&nbsp;· the impact of damage to or interruption of our information technology systems due to cyber-attacks or other circumstances beyond our control;

&nbsp;&nbsp;&nbsp;&nbsp;· our ability to successfully implement our growth strategy;

&nbsp;&nbsp;&nbsp;&nbsp;· failure to achieve growth or manage anticipated growth;

&nbsp;&nbsp;&nbsp;&nbsp;· our ability to achieve or maintain profitability;

&nbsp;&nbsp;&nbsp;&nbsp;· our ability to continue as a going concern;

&nbsp;&nbsp;&nbsp;&nbsp;· the loss of key members of our senior management team;

&nbsp;&nbsp;&nbsp;&nbsp;· our ability to generate sufficient cash flow to run our operations, service our debt and make necessary capital expenditures;

&nbsp;&nbsp;&nbsp;&nbsp;· our ability to establish and maintain effective internal control over financial reporting;

&nbsp;&nbsp;&nbsp;&nbsp;· our limited operating history;

&nbsp;&nbsp;&nbsp;&nbsp;· our ability to successfully integrate Pish Posh Baby's businesses and realize anticipated benefits with this acquisition and with other acquisitions or investments we may make;

&nbsp;&nbsp;&nbsp;&nbsp;· our dependence on our subsidiaries for payments, advances and transfers of funds due to our holding company status;

&nbsp;&nbsp;&nbsp;&nbsp;· our ability to successfully develop additional products and services or successfully commercialize such products and services;

&nbsp;&nbsp;&nbsp;&nbsp;· competition in our market;

&nbsp;&nbsp;&nbsp;&nbsp;· our ability to attract new and retain existing customers;

&nbsp;&nbsp;&nbsp;&nbsp;· our exposure to product liability claims;

&nbsp;&nbsp;&nbsp;&nbsp;· interruption in our sourcing operations;

&nbsp;&nbsp;&nbsp;&nbsp;· our or our third-party contract manufacturers and suppliers' ability to comply with legal and regulatory requirements;

&nbsp;&nbsp;&nbsp;&nbsp;· our brand reputation;

&nbsp;&nbsp;&nbsp;&nbsp;· compliance with data privacy rules;

&nbsp;&nbsp;&nbsp;&nbsp;· our compliance with applicable regulations issued by the U.S. Federal Trade Commission ("FTC") and other federal, state and local regulatory authorities;

&nbsp;&nbsp;&nbsp;&nbsp;· risk of our products being recalled for a variety of reasons, including product defects, packaging safety and inadequate or inaccurate labeling disclosure; and

&nbsp;&nbsp;&nbsp;&nbsp;· other factors discussed under the headings "Risk Factors," "Business," and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in this report.

While we believe that our assumptions are reasonable, we caution that it is very difficult to predict the impact of known factors, and it is impossible for us to anticipate all factors that could affect our actual results. Important factors that could cause actual results to differ materially from our expectations, or cautionary statements, are disclosed under "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in this report. All forward-looking statements are expressly qualified in their entirety by these cautionary statements. You should evaluate all forward-looking statements made in this report in the context of these risks and uncertainties.

**NOTE REGARDING TRADEMARKS**

We own or have rights to use the trademarks and trade names that we use in conjunction with the operation of our business. Each trademark or trade name of any other company appearing in this Annual Report on Form 10-K is, to our knowledge, owned by such other company. Solely for convenience, our trademarks and trade names referred to in this Annual Report on Form 10-K may appear without the® or™ symbols, but those references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the right of the applicable licensor to these trademarks and trade names.

PART I

ITEM 1. BUSINESS

Company Overview

PishPosh, Inc. ("PishPosh," the "Company," "we," "our," or "us") is a rapidly growing online retailer of premium baby products. Based on our experience in the industry, we believe that, since its founding in 2015, PishPosh has established itself as a leading e-commerce platform with an extraordinarily engaged customer base of middle- and upper-class mothers. PishPosh distinguishes itself by offering new and unique brands/products that inspire moms to shop.

We are primarily a baby gear distributor based in Lakewood, New Jersey. We showcase and sell our products through our showroom boutique and our website, *www.pishposhbaby.com*, third party marketplaces like Amazon.com and our boutique (on site).

We stock items of which we sell the most quantity in a dedicated warehouse and fulfilment center located in Farmingdale, New Jersey, which we believe improves customer service, shortens the delivery time compared with those e-commerce retailers that do not hold any inventory, and lowers shipping costs compared to drop shipping. We ship via FedEx, UPS and USPS throughout the United States (the lower 48 States) and free shipping on orders over $75. We currently maintain approximately $4,500,000 (as of December 31, 2022) of inventory, consisting mostly of strollers, car seats and highchairs. We stock the majority of our inventory so that we can have 60 – 90 days of inventory available to us depending on the season. We currently employ a total of 24 employees, 10 of which are full-time employees and 14 of which are part-time employees.

Strategy

Our efforts are directed towards providing a brand that has the best experience for a parent to purchase baby gear needs. Our strategy is to build and assist parents throughout the purchasing process. We build relationships with our sales representatives, who are parents themselves and who are experienced shoppers of baby gear and provide what we believe to be an enhanced, educated shopping experience. We are focused on building a loyal customer base. We have executed high levels of technology integration, using the best of breed ecommerce technologies. We have seen significant year over year sales growth during the 2022

holiday season after overhauling our website and back-end ecommerce tech to better serve our customers. We also focus on what we believe to be the newest style and fashion in our category. If we are successful in growing our customer base and expanding our product line to new categories, it will bring us to scale faster and allow for better buying and higher margins in the long term. An important addition to our growth strategy includes manufacturing our own products under our brand in order to grow margin, control inventory and become the primary destination for parents for all their cutting-edge baby gear product needs.

Products and Services

Although approximately 85% of our current sales are from strollers, stroller accessories and car seats, we also offer a variety of products including baby carriers, diaper bags, feeding and safety accessories and bouncers. We intend on diversifying our revenue base by expanding into new categories like baby health and safety and nursery, particularly in our product manufacturing strategy.

We are currently focused on stroller and car seats, but we hope in the future to expand into branded nursery and children's furniture as well as baby health and safety. We hope to offer products for a complete nursery, including furniture and nursery decor and bedding and accessories. We also hope to further expand our product offerings to include prenatal products such as products for pregnant mothers, baby health, baby furniture and room decor and products for one-year old children and older including, baby toys, toddler gear, toddler furniture and toys.

We typically purchase merchandise from our vendors through purchase orders. We do not have long-term agreements, but we do occasionally negotiate exclusive arrangements on products for a period of time with our vendors on some new or limited-edition models.

We employ a team of merchandising professionals who are trained to source, obtain, and maintain relationships with vendors and manufacturers.

Led by our Chief Merchandising Officer, Allan Ben, we intend on building product lines across different baby categories to manufacture and sell on our website, *www.pishposhbaby.com*. Categories such as Baby Health and Safety which include baby monitors and other internet of things (IOT) based products which are connected to users' smart devices and allow for constant oversight of the child's well-being.

Industry Overview

The stroller segment has grown at an average year over year rate of 5% from 2015 to 2019. Due to larger spending capacities, in North America non-essential baby items like baby carriers sell best. When it comes to where to shop for baby products, parents traditionally prefer to shop in specialty stores. Consumers like that they can shop for a wide variety of products all in the same category. They also like that they can get after-sale services, installation instructions, and product knowledgeable sales associates. With the increasing popularity of e-commerce sales, online distribution of baby products is expected to grow at a Compound Annual Growth Rate ("CAGR") of 8.89%. Since the younger generations are the ones with internet knowledge and the ones who are purchasing these products, they are quickly growing the market. (Bonafide Research & Marketing Pvt. Ltd Dec 2021).

We connect with expectant moms to earn a new mom's loyalty in the critical months before the child's birth and, help prepare them for the baby's arrival. From the moment a woman finds out she is pregnant, we believe that the way she thinks, feels and shops changes. New moms may be purchasing products and services in categories where they have little or no experience. We believe that new moms are confused and anxious and are looking for education and guidance.

Sales, Marketing and Distribution

Website

We use targeted social, digital and traditional media to acquire new prospects and invest marketing resources to convert the most valuable prospects into customers. We believe that we provide customers with an exceptional level of service and satisfaction.

We use both online and offline marketing strategies to generate brand and product awareness, including organic search, paid search, digital display advertising and outdoor advertising.

We use remarketing with digital display (interpreting browsing behavior of visitors to our site and display advertising on sites they later visit), email, Facebook, Instagram, and educational resources. We offer incentives to site visitors who sign up for an email newsletter. We aim to capture leads by providing a $10 off coupon as well.

We use a concierge approach with our sales and customer service representatives, or "Mom reps," to assist new moms to purchase the products right for her lifestyle and to identify our most valuable customers and their characteristics.

We introduce customers to what we believe to be is the hottest in baby gear and offer early access to the season's newest products. We are able to provide special discounts to prospects and customers because of our bulk purchasing and direct fulfilment of our products.

Since October 2021, our website has attracted over 800,000 prospects, 1.35% of which converted into paying customers.

Inventory and Fulfilment

We do not have our own fulfilment operations. We outsource our order fulfilment operations to a 35,000 square foot warehouse fulfilment center in Farmingdale, New Jersey. The fulfilment facility stores, selects, packs, ships and handle returns. We represent over 50% of such facility's business. We believe that we have a good working relationship and receive excellent levels of service with such facility.

Market Opportunity

The global kids furniture market size is expected to reach USD 121.41 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 16.7% from 2021 to 2028. Prices generally vary from $250 to $3,000. We believe that major retail outlets (Pottery Barn Kids and Babies-R-Us) sell youth lines at a $499 median price point.

Customer Service

We believe that our Mom reps provide our target customers an enhanced shopping experience and real life experience for expectant mothers. Our Mom reps are hand selected and trained on all products we offer; they are passionate about the items we sell and care to satisfy the customer. We believe that they offer real value by helping customers through the buying pattern, especially new parents to be, who may be very overwhelmed by the pregnancy experience, and they really want someone who can guide them through selecting the items un-judgmentally, friendly and yet professionally.

**Competition; Competitive Strengths**

*Competition* 

– There are many barriers of entry in the baby product market including brand loyalty, aggressive lower pricing tactics and economies of scale and the level of competition is extremely high. We face significant competition from both online and offline retailers. Our customers have a variety of shopping options including direct e-commerce websites and online marketplaces and in-person stores, including discount and mass-merchandisers. We compete based on product selection, personalization, value, convenience, ease of use, consumer experience, vendor satisfaction and shipping time and cost. Many of our established competitors have developed a brand following which our customers prefer their baby products to ours. Aggressive lower pricing tactics implemented by our competitors would make it difficult for us to enter and compete in this market. Economies of scale make it easier for our larger established competitors to negotiate price discounts with their suppliers of baby products, which would leave us at a disadvantage. We believe our most direct competition comes from Buy Buy Baby and Albee Baby, among others.

*Competitive Strength*

– We compete in our market by having (1) best of breed technology and website interface, (2) long-term relationships with top brands to allow for greater buying power and new product access when its introduced, and (3) excellent customer service built on cultivating relationships with our customers. In addition, our expert representatives are parents who can relate and communicate with our shopping demographic very well.

Suppliers

We purchase our products primarily from Baby Jogger, Uppa Baby, Bugaboo and Doona.

Intellectual Property

The Company currently has four (4) registered trademarks and no patents. We also rely on copyright laws to protect the photographs and content on our site, as well as our site itself, although we have not sought copyright registrations to date. We have registered Internet domain names related to our business.

Government and Industry Regulation

Our business is subject to a number of laws and regulations that affect companies conducting business on the Internet, many of which are still evolving and could be interpreted in ways that could harm our business. These laws and regulations include federal and state consumer protection laws protecting the privacy of consumer information and regulations prohibiting unfair and deceptive trade practices. In particular, under federal and state privacy laws and regulations, we must provide notice to consumers of our policies on sharing sensitive information with third parties, advance notice of any changes to our policies and, in some instances, we may be obligated to give customers the right to prevent sharing of their sensitive information with unaffiliated third parties. The growth and demand for e-commerce could result in more stringent consumer protection laws that impose additional compliance burdens on online companies. These consumer protection laws could result in substantial compliance costs.

In many jurisdictions, there is currently great uncertainty whether or how existing laws governing issues such as property ownership, sales and other taxes, libel and personal privacy apply to the Internet and e-commerce. In addition, new tax regulations in jurisdictions where we do not now collect state and local taxes may subject us to the obligation to collect and remit state and local taxes, or subject us to additional state and local sales and income taxes, or to requirements intended to assist states with their tax collection efforts. New legislation or regulation, the application of laws and regulations from jurisdictions whose laws do not currently apply to our business or the application of existing laws and regulations to the Internet and e-commerce could result in significant additional taxes on our business. These taxes or tax collection obligations could have an adverse effect on our cash flows and results of operations. Further, there is a possibility that we may be subject to significant fines or other payments for any past failures to comply with these requirements.

The manufacturers of products we sell may be subject to various regulations regarding the safety of such products.

Employees

As of March 28, 2023, we have a total of 24 employees, 10 of which are full-time employees and 14 of which are part-time employees.

**Corporate History and Information**

We were incorporated on December 16, 2021, in the State of Delaware. On February 25, 2022, we entered into an Agreement and Plan of Merger with Pish Posh Baby LLC, a Delaware limited liability company ("Pish Posh Baby"). Upon the closing of the Merger, Pish Posh Baby merged with and into the Company with the Company surviving the merger and succeeding to the business of Pish Posh Baby.

Our principal executive offices are located at 1915 Swarthmore Avenue, Lakewood, New Jersey 08701, and our telephone number is (732) 905-3716. Our website is available at *www.pishposhbaby.com*. Our website and the information contained or connected to our website are not, and shall not be deemed to be, part of or incorporated by reference into this Annual Report on Form 10-K.

**ITEM 1A. RISK FACTORS** 

*As a smaller reporting company, we are not required to provide a statement of risk factors. Nonetheless, we are voluntarily providing risk factors herein. You should consider carefully the following risk factors, together with all the other information in this Annual Report on Form 10-K, including our financial statements and notes thereto, and in our other public filings with the SEC. The occurrence of any of the following risks could harm our business, financial condition, results of operations and/or growth prospects or cause our actual results to differ materially from those contained in forward-looking statements we have made in this report and those we may make from time to time. You should consider all of the risk factors described when evaluating our business.*

Risks Related to our Business and Industry

The COVID-19 pandemic could have a material adverse impact on our business, results of operations and financial condition.

In December 2019, a novel strain of coronavirus ("COVID-19") was reported to have surfaced in Wuhan, China. In January 2020, the World Health Organization declared the COVID-19 outbreak a "Public Health Emergency of International Concern." This worldwide outbreak has resulted in the implementation of significant governmental measures, including lockdowns, closures, quarantines, and travel bans intended to control the spread of the virus. Companies are also taking precautions, such as requiring employees to work remotely, imposing travel restrictions and temporarily closing businesses and facilities. These restrictions, and future prevention and mitigation measures, have had an adverse impact on global economic conditions and are likely to have an adverse impact on consumer confidence and spending, which could materially adversely affect the supply of, as well as the demand for, our products. Uncertainties regarding the economic impact of COVID-19 are likely to result in sustained market turmoil, which could also negatively impact our business, financial condition, and cash flows.

We source our products from suppliers and manufacturers located in the United States. The impact of COVID-19 on these suppliers, or any of our other suppliers, co-manufacturers, distributors or transportation or logistics providers, may negatively affect the price and availability of our ingredients and/or packaging materials and impact our supply chain. In an effort to avoid running out of saleable merchandise inventory and losing revenue, we have had to, when available, acquire larger quantities of our traditional inventory and broaden our product offering to adopt to customer needs ahead of time. However, our suppliers have at times indicated that they would not be able to accommodate our order volume. If the disruptions caused by COVID-19 continue for an extended period, our ability to meet the demands of our customers may be materially impacted. To date, we have not experienced any material reduction in the available supply of our products and our outlook and business goals have not been materially affected by the supply chain disruptions.

If we are forced to scale back hours of operation or close our facility in Lakewood, New Jersey in response to the pandemic, we expect our business, financial condition and results of operations would be materially adversely affected. Additionally, many of our employees, including members of our management team, have been working remotely because of the closure of our offices in Lakewood, New Jersey in response to the COVID-19 pandemic. If our operations or productivity continue to be impacted throughout the duration of the COVID-19 outbreak and government-mandated closures, our business, financial condition, and cash flows may negatively be impacted. The extent to which the COVID-19 pandemic will further impact our business will depend on future developments and, given the uncertainty around the extent and timing of the potential future spread or mitigation and around the imposition or relaxation of protective measures, we cannot reasonably estimate the impact to our business at this time.

The extent of COVID-19's effect on our operational and financial performance will depend on future developments, including the duration, spread and intensity of the outbreak, all of which are uncertain and difficult to predict considering the rapidly evolving landscape. As a result, it is not currently possible to ascertain the overall impact of COVID-19 on our business. However, if the pandemic continues for a prolonged period, it could have a material adverse effect on our business, results of operations, financial condition and cash flows and adversely impact the trading price of our Common Stock.

We have a history of operating losses and may continue to incur losses for the foreseeable future.

As of December 31, 2022, we had an accumulated deficit of approximately $6.6 million. We recorded a net loss of $5,141,249 and $1,179,163 for the years ended December 31, 2022 and 2021, respectively. We cannot anticipate when, if ever, our operations will become profitable. We expect to incur significant net losses as we develop our business and pursue our business strategy. We intend to invest significantly in our business before we expect cash flow from operations to be adequate to cover our operating expenses. If we are unable to execute our business strategy and grow our business, for any reason, our business, prospects, financial condition, and results of operations will be adversely affected.

The Company is attempting to further implement its business plan and generate sufficient revenue; however, the Company's cash position may not be sufficient to support its operations. While the Company believes in the viability of its strategy to further implement its business plan and generate sufficient revenue and in its ability to raise additional funds by the sale of its equity, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon its ability to further implement its business plan and generate sufficient revenue and its ability to raise additional funds. These factors raise substantial doubt about the Company's ability to continue as a going concern.

Because we operate in an evolving industry, our past results may not be indicative of future performance, and our future performance may fluctuate materially which will increase your investment risk.

We operate in a rapidly evolving industry that may not develop as expected, if at all. Although we have experienced significant growth in net sales and the number of our active customers, it may be difficult to assess our future prospects. You should consider our business and prospects in light of the risks and difficulties we may encounter. These risks and difficulties include our ability to, among other things: acquire new customers who purchase products from us at the same rate and of the same type as existing customers; retain our existing customers and have them continue to purchase products from us at rates and methods consistent with their prior purchasing behavior; encourage customers to expand the categories of products they purchase from us; attract new vendors to supply quality products that we can offer to our customers at attractive prices; retain our existing vendors and have them supply additional quality products that we can offer to our customers at attractive prices; increase brand awareness; provide our customers with a superior customer support; fulfill and deliver orders in a timely way and in accordance with customer expectations, which may change over time; respond to changes in consumer access to and use of the Internet and mobile devices; react to challenges from existing and new competitors; avoid interruptions or disruptions in our business; develop and maintain a scalable, high-performance technology and fulfilment infrastructure that can efficiently and reliably handle increased usage, as well as the deployment of new features and the sale of new products and services; respond to macroeconomic trends; and hire, integrate and retain qualified personnel.

If we fail to effectively manage our growth, our business, financial condition, and operating results could be harmed.

To effectively manage our growth, we must continue to implement our operational plans and strategies, improve, and expand our infrastructure of people and information systems and expand, train, and manage our employee and contractor base. We have increased employee and contractor headcount since our inception to support the growth in our business, and we intend for this growth to continue for the foreseeable future. To support continued growth, we must effectively integrate, develop, and motivate new employees, while maintaining our corporate culture. We face competition for qualified personnel. Additionally, we may not be able to hire new employees quickly enough to meet our needs. If we fail to effectively manage our hiring needs or successfully integrate our new hires, our efficiency and ability to meet our forecasts and our employee morale, productivity and retention could suffer, which may have a material adverse effect on our business, financial condition, and operating results.

Additionally, the growth and expansion of our business and our product offerings in the future will place significant demands on our management. The growth of our business may require significant additional resources, which may not scale in a cost-effective manner or may negatively affect the quality of our customer experience. We are also required to manage multiple relationships with various vendors, customers and other third parties. Further growth of our operations, our vendor base, our fulfilment process, information technology systems or our internal controls and procedures may not be adequate to support our operations. If we are unable to manage the growth of our organization effectively, our business, financial condition and operating results may be materially and adversely affected.

We have incurred significant operating losses in the past, and we may not be able to generate sufficient net sales to achieve or maintain profitability. Failure to maintain an adequate growth rate will materially and adversely affect our business, financial condition and operating results.

We anticipate that our operating expenses will increase substantially in the foreseeable future as we continue to invest to increase our customer base, increase the number and variety of products we offer, expand our marketing channels, expand our operations, hire additional employees, incur the costs of being a public company and develop our technology platform and fulfilment process. These efforts may prove more expensive than we currently anticipate. Some of our efforts to generate net sales from our business are new and unproven, and any failure to increase our net sales or improve our gross margins could prevent us from attaining or increasing profitability. In addition, we expect to invest to fund longer term initiatives, which will likely impact profitability or other operating results. We cannot be certain that we will be able to attain or increase profitability on a quarterly or annual basis. If we are unable to effectively manage these risks and difficulties as we encounter them, our business, financial condition, and operating results may be materially and adversely affected.

If we are unable to obtain additional funding, we may not be able to grow our business operations.

We will require additional funds to implement our business strategy. We may issue additional equity securities to raise needed capital. We may be unable to secure such funding when needed in adequate amounts or on acceptable terms, if at all. Any additional equity financing may involve substantial dilution to our then existing stockholders. The inability to raise the additional capital will restrict our ability to develop and conduct business operations.

We may be unable to accurately forecast net sales and appropriately plan our expenses in the future.

We may base our current and future expense levels on our operating forecasts and estimates of future net sales and gross margins. Net sales and operating results are difficult to forecast because they generally depend on the volume, timing, and type of the orders we receive, all of which are uncertain. Additionally, our business is affected by general economic and business conditions in the United States. A significant portion of our expenses is fixed, and as a result, we may be unable to adjust our spending in a timely manner to compensate for any unexpected shortfall in net sales. Any failure to accurately predict net sales or gross margins could cause our operating results in any given quarter, or a series of quarters, to be lower than expected, which could cause the price of our Common Stock to decline substantially.

Our business is highly competitive.

We expect competition in e-commerce generally to continue to increase because there are no significant barriers to entry. We currently compete with and expect to increasingly compete with e-commerce businesses, such as Diapers.com, Buy Buy Baby, Albee Baby, Giggle, and Amazon.com, Inc., and e-commerce platforms of traditional retailers, such as online marketplaces such as eBay Inc. We also compete with the traditional offline retail industry, including discount and mass merchandisers, such as Target, Toys "R" Us and Walmart.

We believe that our ability to compete depends upon many factors both within and beyond our control, including: the size and composition of our customer base; the number of vendors and products we feature on our site; selling and marketing efforts; the quality, price and reliability of products offered either by us or our competitors; the convenience of the shopping experience that we provide; our ability to cost-effectively source, market and distribute our products and manage our operations; and our reputation and brand strength relative to our competitors.

Many of our current competitors have, and potential competitors may have, longer operating histories, larger fulfilment infrastructures, greater technical capabilities, or greater financial, marketing, and other resources and larger customer bases than we do.

These factors may allow our competitors to derive greater net sales and profits from their existing customer base, acquire customers at lower costs or respond more quickly than we can to new or emerging technologies and changes in consumer habits. These competitors may engage in more extensive research and development efforts, undertake more far-reaching marketing campaigns, and adopt more aggressive pricing policies, which may allow them to build larger customer bases or generate net sales from their customer bases more effectively than we do.

In addition, our competitors may have longer relationships with customers and suppliers. Increased competition may result in price reductions, reduced gross margins, and loss of market share, any of which could materially and adversely affect our business, operating results, and financial condition.

We depend on the continued growth of e-commerce.

The business of selling products over the Internet is dynamic and relatively new. If customers cease to find our website experience easy to use and offer good value, or otherwise lose interest in shopping in this manner, we may not acquire new customers at rates consistent with historical or projected periods, and existing customers' buying patterns and levels may be less than historical or projected rates and our business, financial condition and operating results may suffer.

If we fail to acquire new customers, we may not be able to increase net sales or achieve profitability.

We have invested in marketing and branding related to customer acquisition and expect to continue to do so. We must continue to acquire customers in order to increase net sales and achieve profitability. In order to expand our customer base, we must appeal to and acquire customers who have historically used other means of commerce to purchase products and may prefer alternatives to our offerings, the retailer's own website or the websites of our competitors. We cannot assure you that the net sales from new customers we acquire will ultimately exceed the cost of acquiring those customers. If consumers do not perceive the products we offer to be of high value and quality, we may not be able to acquire new customers. If we are unable to acquire new customers who purchase products in numbers sufficient to grow our business, the net sales we generate may decrease, and our business, financial condition and operating results may be materially and adversely affected.

We use social networking sites, such as Facebook, Pinterest, Instagram, Twitter and Tumblr, online services, search engines, affiliate marketing websites, directories and other social media websites and e-commerce businesses to advertise, market and direct potential customers to our site. As e-commerce and social networking continue to rapidly evolve, we must continue to use e-commerce and social media channels that are used by our current and prospective customers and cost-effectively drive traffic to our website. We believe that failure to utilize these channels as sources of traffic to our site to generate new customers would adversely affect our financial condition.

We will be dependent on our suppliers and do not have supply agreements with our suppliers.

If we experience significantly increased sales and since we do not have supply agreements to ensure our requirements, there can be no assurance that additional products will be available when required or on terms that are favorable to us, or that a supplier would allocate sufficient products to us in order to meet our requirements or fill our orders in a timely manner which could lead to delays to our customers, which could hurt our relationships with our customers, resulting in negative publicity, damage our brand and adversely affect our business, prospects and operating results.

Our sales may be adversely affected if we fail to respond to changes in consumer preferences in a timely manner or are not successful in expanding our product offerings.

Our financial performance depends on our ability to identify, originate, and define retail product trends, as well as to anticipate, gauge and react to changing consumer preferences in a timely manner. Our products must appeal to a broad range of moms whose preferences cannot be predicted with certainty and are subject to change. Our business fluctuates according to changes in consumer preferences dictated in part by fashion trends, perceived product value and seasonal variations.

We have historically earned the largest portion of our net sales from the sale of strollers and stroller accessories and car seats. We may broaden our product offerings in the future. We continue to explore additional categories which may be accepted by our target customers. If we offer new products or categories that are not accepted by our customers, our sales may fall short of expectations, our brand and reputation could be adversely affected, and we may incur expenses that are not offset by sales. If we expand into new categories, consumer demands may be different, and there is no assurance that we will be successful in these new categories. We may make substantial investments in such new categories in anticipation of future net sales. If the launch of a new category requires investments greater than we expect, if we are unable to attract vendors that produce sufficient high quality, value-oriented products or if the sales generated from a new category grow more slowly or produce lower gross margins than we expect, our results of operations could be adversely impacted. Expansion of our product lines may also strain our management and operational resources, specifically the need to hire and manage additional merchandise buyers to source these new products. We may also face greater competition in specific categories from Internet sites or retailers that are more focused on such categories. It may be difficult to differentiate our offering from other competitors as we offer additional product categories, and our customers may have additional considerations in deciding whether to purchase these additional product categories. In addition, the relative profitability, if any, of new product lines may be lower than what we have experienced historically, and we may not generate sufficient net sales from new product initiatives to recoup our investments in them. If any of these were to occur, it could damage our reputation, limit our growth, and have a material adverse effect on our business, financial condition, and operating results.

Our business depends on a strong brand. We may not be able to maintain and enhance our brand, or we may receive unfavorable customer complaints or negative publicity, which could adversely affect our brand.

We believe that maintaining and enhancing our brand is critical to expanding our base of customers and vendors. Maintaining and enhancing our brand may require us to make substantial investments, and these investments may not be successful. If we fail to promote and maintain our brand or if we incur excessive expenses in this effort, our business, operating results, and financial condition may be materially and adversely affected. We anticipate that, as our market becomes increasingly competitive, maintaining and enhancing our brand may become increasingly difficult and expensive. Maintaining and enhancing our brand will depend largely on our ability to continue to provide reliable, trustworthy, and high-quality products to our customers. Our brand depends on superior customer support, which requires significant personnel expense. If not managed properly, this expense could impact our profitability. Failure to manage or train our customer support and team of sales representatives, or "Mom reps", properly could compromise our ability to establish customer relationships and handle customer complaints effectively. Customer complaints or negative publicity about our website, products, delivery times, customer data handling and security practices or customer support could diminish consumer use of our website and consumer and vendor confidence in us and cause our reputation to suffer.

Uncertainties in economic conditions and their impact on consumer spending patterns could adversely impact our operating results.

Our performance is subject to economic conditions and their impact on levels of consumer spending. Our business could be negatively impacted by reduced demand for our products related to one or more significant local, regional or global economic or social disruptions. Some of the factors adversely that have affected and may in the future affect consumer spending include levels of unemployment, consumer debt levels, changes in net worth based on market changes and uncertainty, home foreclosures and changes in home values, recession or inflationary pressures in the general economy, fluctuating interest rates, credit availability, government actions, fluctuating fuel and other energy costs, fluctuating commodity prices and general uncertainty regarding the overall future economic environment. Consumer purchases of discretionary items, including our merchandise, generally decline during periods when disposable income is adversely affected or there is economic uncertainty. Adverse economic changes in any of the regions in which we sell our products could reduce consumer confidence and could negatively affect net sales and have a material adverse effect on our operating results.

Additionally, these and other economic conditions may cause our suppliers, distributors, contractors or other third-party partners to suffer financial or operational difficulties that they cannot overcome, resulting in their inability to provide us with the materials and services we need, in which case our business and results of operations could be adversely affected.

Inflation and increases in interest rates could reduce demand for our products and thus could adversely impact our operating results.

Inflation and increases in interest rates could reduce the demand for our products which could limit our growth or reduce our net sales. Furthermore, current uncertainty in the economy due to the lingering effects of the COVID-19 pandemic, inflation, increases in interest rates and Russia's invasion of Ukraine may detrimentally influence the potential customers willingness to spend funds on our products.

During 2022, the U.S. Federal Reserve raised interest rates by an aggregate of 300 basis points. The consensus is that rates will be increased again during 2022. Additionally, the current geopolitical environment in Europe provides yet another layer of uncertainty around the actions that the Federal Reserve might take. Market interest rates are affected by many factors outside of our control, including governmental monetary policies, domestic and international economic conditions, inflation, deflation, recession, changes in unemployment, the money supply, international disorder and instability in domestic and foreign financial markets. Rising interest rates tend to slow the economy as households and businesses have less money to spend on goods and services. As such, further increases in interest rates could adversely affect consumer purchases of our products which would have a material adverse effect on our operating results. Additionally, increasing interest rates may affect the Company's financing activities, which could make it more difficult for the Company to secure inventory on a timely basis and adversely impact the Company's ability to manage its accounts payable with suppliers. The recent increases in interest rates have increased the interest we have incurred on our merchant advances and credit transactions. While the impact of such increased interest has not yet been material to our operations or financial performance, continued increases in interest rates could have a material adverse effect on our operations or financial performance.

Failure to continue to provide our customers with merchandise from vendors will harm our business.

Our net sales depend, in part, on our ability to continue to source merchandise in sufficient quantities at competitive prices from vendors. Offering a variety of brands, styles, categories, and products at affordable price points is important to our ability to acquire new customers and to keep our existing customers engaged and purchasing products. Growth in the number of our customers, as well as increased competition, may make it difficult to source additional brands and styles in sufficient quantities and on acceptable terms to meet the demand of our customers.

We have no contractual assurances of continued supply, pricing or access to new products, and vendors could change the terms upon which they sell to us or discontinue selling to us for future sales at any time. If we are not able to identify and effectively promote new brands, we may lose customers to our competitors. Even if we identify new vendors, we may not be able to purchase desired merchandise in sufficient quantities on terms acceptable to us in the future, and products from alternative sources, if any, may be of a lesser quality or more expensive than those from existing vendors. An inability to purchase suitable merchandise on acceptable terms or to source new vendors could have a material adverse effect on our business, financial condition, and operating results.

Failure of our vendors to supply high quality and compliant merchandise in a timely manner may damage our reputation and brand and harm our business.

We depend on our vendors to supply high quality merchandise in a timely manner. The failure of these vendors to supply merchandise which meets our quality standards, or the quality standards of our customers could damage our reputation and harm our business, financial condition, and operating results.

Our vendors are subject to various risks, including raw material costs, inflation, labor disputes, union organizing activities, boycotts, financial liquidity, product merchantability, safety issues, inclement weather, natural disasters, disruptions in exports, trade restrictions, trade disruptions, currency fluctuations and general economic and political conditions that could limit the ability of our vendors to provide us with high quality merchandise on a timely basis and at prices and payment terms that are commercially acceptable. For these or other reasons, one or more of our vendors might not adhere to our vendor terms and conditions or their applicable contract or might stop providing us with high quality merchandise. If there are any deficiencies in the products our vendors have provided to us, we might not identify such deficiencies before products ship to our customers.

In addition, our vendors may have difficulty adjusting to our changing demands and growing business. Failure of our vendors to provide us with quality merchandise that complies with all applicable laws, including product safety regulations and legislation in a timely and effective manner could damage our reputation and brand. Further, any merchandise could become subject to a recall, regulatory action, or legal claim, which could result in increased legal expenses as well as damage to our reputation and brand and harm to our business. We cannot predict whether any of the countries in which our merchandise currently is manufactured or may be manufactured in the future will be subject to additional trade restrictions imposed by the United States and other foreign governments, including the likelihood, type or effect of any such restrictions. Such developments could have a material adverse effect on our business, financial condition, and operating results.

We purchase our merchandise from numerous domestic and international manufacturers. Failure of our vendors to comply with applicable laws and regulations and contractual requirements could lead to litigation against us, resulting in increased legal expenses and costs.

Many of the products we sell to children have safety concerns and may expose us to product liability claims.

Many of the products we sell are for children, and these products are often subject to enhanced safety concerns and additional scrutiny and regulation. Product safety concerns may require us to voluntarily remove selected products from our inventory. Such recalls and voluntary removal of products can result in, among other things, lost sales, diverted resources, potential harm to our reputation and increased customer service costs and legal expenses, which could have a material adverse effect on our business, financial condition and operating results.

Some of the products we sell may expose us to product liability claims and litigation or regulatory action relating to personal injury, death or environmental or property damage. Although we maintain liability insurance, we cannot be certain that our coverage will be adequate for liabilities actually incurred or that insurance will continue to be available to us on economically reasonable terms, or at all.

If we do not successfully optimize and manage our fulfilment processes, our business, financial condition, and operating results could be harmed.

If we do not optimize and manage our fulfilment processes successfully and efficiently, it could result in excess or insufficient fulfilment, an increase in costs or impairment charges or harm our business in other ways. If we do not have sufficient fulfilment capacity or experience a problem fulfilling orders in a timely manner, our customers may experience delays in receiving their purchases, which could harm our reputation and our relationship with our customers.

If we add new products or categories with different fulfilment requirements or change the mix in products that we sell, our fulfilment will become increasingly complex. Failure to successfully address such challenges in a cost-effective and timely manner could impair our ability to timely deliver our customers' purchases and could harm our reputation and ultimately, our business, financial condition and operating results.

If we grow faster than we anticipate, we may exceed our fulfilment center's capacity, we may experience problems fulfilling orders in a timely manner or our customers may experience delays in receiving their purchases, which could harm our reputation and our relationship with our customers, and we would need to increase our capital expenditures more than anticipated.

We do not have an agreement for the use of our current fulfilment facility.

We do not have our own fulfilment operations. We outsource our order fulfilment operations to a 35,000 square foot warehouse fulfilment center in Farmingdale, New Jersey. The fulfilment facility stores, selects, packs, ships, and handle returns. We have worked and continue to work with the same fulfilment facility for over the last five years on a good faith relationship, pursuant to which we are billed monthly in accordance with the fulfilment facility's standard rates. Since we do not have a contractual agreement with this facility, the facility could decide not to provide us with such warehouse space for our inventory and its fulfilment services which would, if we were not able to find an adequate replacement for our fulfilment needs, result in a disruption in our ability to fill customer orders which could adversely affect our financial condition and reputation.

We are subject to payment-related risks.

We accept payments using a variety of methods, including credit card, debit card, PayPal, and gift cards. For certain payment methods, including credit and debit cards, we pay interchange and other fees, which may increase over time and raise our operating costs and lower profitability. We are also subject to payment card association operating rules and certification requirements, including the Payment Card Industry Data Security Standard and rules governing electronic funds transfers, which could change or be reinterpreted to make it difficult or impossible for us to comply. If we fail to comply with the rules or requirements of any provider of a payment method we accept, among other things, we may be subject to fines or higher transaction fees and may lose, or face restrictions placed upon, our ability to accept credit and debit card payments from consumers or facilitate other types of online payments. If any of these events were to occur, our business, financial condition and operating results could be materially and adversely affected.

We also may incur significant losses from fraud. We may incur losses from claims that the consumer did not authorize the purchase, from merchant fraud, from erroneous transmissions and from consumers who have closed bank accounts or have insufficient funds in them to satisfy payments. In addition to the direct costs of such losses, if they are related to credit card transactions and become excessive, they could potentially result in our losing the right to accept credit cards for payment. In addition, under current credit card practices, we are liable for fraudulent credit card transactions because we do not obtain a cardholder's signature. We use a third-party fraud specialist to monitor our credit transactions. Our failure to adequately control fraudulent transactions could damage our reputation and brand and result in litigation or regulatory action, causing an increase in legal expenses and fees and substantially harm our business, financial condition, and operating results.

Government regulation of the Internet and e-commerce is evolving, and unfavorable changes or failure by us to comply with these regulations could substantially harm our business and results of operations.

We are subject to general business regulations and laws as well as regulations and laws specifically governing the Internet and e-commerce. Existing and future regulations and laws could impede the growth of the Internet, e-commerce, or mobile commerce. These regulations and laws may involve taxes, tariffs, privacy and data security, anti-spam, content protection, electronic contracts and communications, consumer protection and gift cards. We cannot guarantee that our practices have complied, comply, or will comply fully with all such laws and regulations. Any failure, or perceived failure, by us to comply with any of these laws or regulations could result in damage to our reputation, a loss in business and proceedings or actions against us by governmental entities or others. Any such proceeding or action could hurt our reputation, force us to spend significant amounts in defense of these proceedings, distract our management, increase our costs of doing business, decrease the use of our site by consumers and vendors and may result in the imposition of monetary liability. We may also be contractually liable to indemnify and hold harmless third parties from the costs or consequences of non-compliance with any such laws or regulations.

Failure to comply with laws and regulations relating to privacy, data protection and consumer protection, or the expansion of current or the enactment of new laws or regulations relating to privacy, data protection and consumer protection, could adversely affect our business and our financial condition.

A variety of laws and regulations govern the collection, use, retention, sharing and security of consumer data. Laws and regulations relating to privacy, data protection and consumer protection are evolving and subject to potentially differing interpretations. We strive to comply with all applicable laws, regulations and other legal obligations relating to privacy, data protection and consumer protection, including those relating to the use of data for marketing purposes. It is possible, however, that these requirements may be interpreted and applied in a manner that is inconsistent from one jurisdiction to another or may conflict with other rules or our practices. We cannot guarantee that our practices have complied or will comply fully with all such laws, regulations, requirements, and obligations. Any failure, or perceived failure, by us to comply with any privacy or consumer protection-related laws, regulations, industry self-regulatory principles, industry standards or codes could adversely affect our reputations, brand, and business, and may result in claims, proceedings, or actions against us by governmental entities or others or other liabilities. Any such claim, proceeding or action could hurt our reputation, brand, and business, force us to incur significant expenses in defense of such proceedings, distract our management, increase our costs of doing business, result in a loss of customers and vendors and may result in the imposition of monetary liability. We may also be contractually liable to indemnify and hold harmless third parties from the costs or consequences of non-compliance with any laws, regulations or other legal obligations relating to privacy or consumer protection or any inadvertent or unauthorized use or disclosure of data that we store or handle as part of operating our business.

Our failure or the failure of third-party service providers to protect our site, networks, and systems against security breaches, or otherwise to protect our confidential information, could damage our reputation and brand and substantially harm our business and operating results.

We collect, maintain, transmit and store data about our customers, vendors, and others, including credit card information and personally identifiable information, as well as other confidential and proprietary information. We also employ third-party service providers that store, process and transmit proprietary, personal, and confidential information on our behalf. We rely on encryption and authentication technology licensed from third parties in an effort to securely transmit confidential and sensitive information, including credit card numbers. Advances in computer capabilities, new technological discoveries or other developments may result in the whole or partial failure of this technology to protect transaction data or other confidential and sensitive information from being breached or compromised. More generally, we take steps to protect the security, integrity, and confidentiality of the information we collect, store or transmit, but there is no guarantee that inadvertent or unauthorized use or disclosure will not occur or that third parties will not gain unauthorized access to this information despite our efforts. Our security measures, and those of our third-party service providers, may not detect or prevent all attempts to hack our systems, denial-of-service attacks, viruses, malicious software, break-ins, phishing attacks, social engineering, security breaches or other attacks and similar disruptions that may jeopardize the security of information. We and our service providers may not have the resources or technical sophistication to anticipate or prevent all types of attacks, and techniques used to obtain unauthorized access to, or sabotage systems change frequently and may not be known until launched against us or our third-party service providers. In addition, security breaches can also occur because of non-technical issues, including intentional or inadvertent breaches by our employees or by persons with whom we have commercial relationships.

Any compromise or breach of our security measures, or those of our third-party service providers, could violate applicable privacy, data security and other laws, and cause significant legal and financial exposure, adverse publicity, and a loss of confidence in our security measures, which could have an adverse and material effect on our business, financial condition, and operating results. Although we maintain privacy, data breach and network security liability insurance, we cannot be certain that our coverage will be adequate for liabilities actually incurred or that insurance will continue to be available to us on economically reasonable terms, or at all. We may need to devote significant resources to protect against security breaches or to address problems caused by breaches, diverting resources from the growth and expansion of our business.

If we lose any of our key management personnel, we may not be able to successfully manage our business or achieve our objectives.

Our future success depends in large part upon the leadership and performance of our management and consultants. The Company's operations and business strategy are dependent upon the knowledge and business experience of our executive officers and our consultants. We have employment agreements with Chaim (Charlie) Birnbaum, our Chief Executive Officer, and Jesse Sutton, our Chairman. Although, we hope to retain the services of all our officers, if an officer should choose to leave us for any reason before we have hired additional personnel, our operations may suffer. If we should lose their services before we are able to engage and retain qualified employees and consultants to execute our business plan, we may not be able to continue to develop our business as quickly or efficiently.

In addition, we must be able to attract, train, motivate and retain highly skilled and experienced employees in order to successfully develop our business. Qualified employees often are in great demand and may be unavailable in the time frame required to satisfy our business requirements.

Competition for qualified employees or inflationary pressures on employee compensation could require us to pay higher wages to attract and retain a sufficient number of qualified employees. We cannot be certain that we will be able to attract and retain qualified employees to meet current or future operational needs at a reasonable cost, or at all.

The loss of personnel or our inability to hire or retain sufficient personnel at competitive rates of compensation could impair our ability to successfully grow our business. If we lose the services of any of our consultants, we may not be able to replace them with similarly qualified personnel, which could harm our business.

**Our Chief Executive Officer is not subject to a non-competition agreement***and may engage in a similar business as the Company's business.*

Our Chief Executive Officer, Chaim (Charlie) Birnbaum, is not subject to a non-competition or non-solicitation agreement. If he should choose to leave us for any reason, or start a competitive business while employed by us, he is not contractually prohibited from doing so or from soliciting and hiring our employees and consultants from such competitive endeavors any of which would have a material adverse effect on our business operations.

**Other than our Chief Executive Officer, our management team has no experience managing a public company, and regulatory compliance may divert its attention from the day-to-day management of our business.**

The individuals who now constitute our management team, other than our Chief Executive Officer, have no experience managing a publicly traded company and complying with the increasingly complex laws pertaining to public companies. Our management team may not successfully or efficiently manage our transition to being a public company subject to significant regulatory oversight and incremental reporting obligations under the federal securities laws. In particular, these new obligations will require substantial attention from our senior management and could divert their attention away from the day-to-day management of our business, which could materially and adversely affect our business, financial condition and operating results.

We may incur material losses and costs because of manufacturer's product defects, warranty claims or product liability actions that may be brought against us.

We face an inherent business risk of exposure to product liability in the event that products that we sell fail to perform as expected or failure results in bodily injury or property damage which could cause us to lose revenues, incur increased costs associated with customer support, experience delays increased returns or discounts, and damage our reputation, all of which could negatively affect our financial condition and results of operations. If any of the products we sell are or are alleged to be defective, we may be required to participate in a recall involving such products.

Our ability to raise capital in the future may be limited, and our failure to raise capital when needed could prevent us from growing.

In the future, we could be required to raise capital through public or private financing or other arrangements. Such financing may not be available on acceptable terms, or at all, and our failure to raise capital when needed could harm our business. If we sell any such securities in subsequent transactions, investors may be materially diluted. Debt financing, if available, may involve restrictive covenants and could reduce our operational flexibility or profitability, such as covenants that could limit our ability to, among other things, incur additional indebtedness, liens, or other encumbrances, make dividends or other distributions to holders of our capital stock, and sell or transfer assets, as well as certain financial covenants. If we cannot raise funds on acceptable terms, we may not be able to grow our business or respond to competitive pressures.

Geopolitical conditions, including trade disputes and direct or indirect acts of war or terrorism, could have an adverse effect on our operations and financial results.

Our operations could be disrupted by geopolitical conditions, trade disputes, international boycotts and sanctions, political and social instability, acts of war, terrorist activity or other similar events. From time to time, we could have a large number of customers located in a particular geographic region. Decreased demand from a discrete event impacting a region in which we have a concentrated exposure could negatively impact our results of operations.

In February 2022, Russia initiated significant military action against Ukraine. In response, the U.S. and certain other countries imposed significant sanctions and export controls against Russia, Belarus and certain individuals and entities connected to Russian or Belarusian political, business, and financial organizations, and the U.S. and certain other countries could impose further sanctions, trade restrictions, and other retaliatory actions should the conflict continue or worsen. It is not possible to predict the broader consequences of the conflict, including related geopolitical tensions, and the measures and retaliatory actions taken by the U.S. and other countries in respect thereof as well as any counter measures or retaliatory actions by Russia or Belarus in response, including, for example, potential cyberattacks or the disruption of energy exports, is likely to cause regional instability, geopolitical shifts, and could materially adversely affect global trade, currency exchange rates, regional economies and the global economy. We have not experienced any significant direct impacts from the conflict between Russia and Ukraine. However, we have experienced an increase in the cost of products from suppliers as well as an increase in shipping costs due to the increase in gas prices. While product cost increases have been passed through to our customers through product price increases, the increase in shipping costs has been absorbed by the Company, resulting in nominal impact to our profit margins.

The situation in Ukraine remains uncertain, and while it is difficult to predict the impact of the conflict between Russia and Ukraine, the conflict and actions taken in response to the conflict could further increase our costs, disrupt our supply chain, reduce our sales and earnings, impair our ability to raise additional capital when needed on acceptable terms, if at all, or otherwise adversely affect our business, financial condition, and results of operations.

**Risks Associated with our Common Stock and Company**

The issuance of shares upon conversion of the Series A Preferred Stock and exercise of outstanding warrants will cause immediate and substantial dilution to our existing stockholders.

As of March 28, 2023, there were 1,752.37 shares of our Series A Preferred Stock convertible into an aggregate of 1,752,370 shares of Common Stock and warrants to purchase an aggregate of 3,279,508 shares of Common Stock outstanding. The issuance of shares upon conversion of preferred shares and exercise of warrants will result in substantial dilution to the interests of other stockholders since the selling security holders may ultimately convert and sell the full amount issuable on conversion, subject to any limitations on beneficial ownership that may result from such conversion.

**Because we do not intend to pay any cash dividends on our shares of Common Stock, our stockholders will not be able to receive a return on their shares unless they sell them.**

We intend to retain any future earnings to finance the development and expansion of our business. We do not anticipate paying any cash dividends on our Common Stock in the foreseeable future. Unless we pay dividends, our stockholders will not be able to receive a return on their shares unless they sell them at a price higher than that which they initially paid for such shares.

There has been no prior market for our Common Stock. An active market may not develop or be sustainable.

An active trading market for our Common Stock may never develop following completion of our initial public offering or, if developed, may not be sustained. The lack of an active trading market may impair the value of your shares and your ability to sell your shares at the time you wish to sell them. An inactive trading market may also impair our ability to raise capital by selling our Common Stock and entering into strategic partnerships or acquiring other complementary products, technologies or businesses by using our Common Stock as consideration. In addition, if we fail to satisfy exchange listing standards, we could be delisted, which would have a negative effect on the price of our securities.

In recent years, the stock markets generally have experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of those companies. Broad market and industry factors may significantly affect the market price of our Common Stock, regardless of our actual operating performance. These fluctuations may be even more pronounced in the trading market for our Common Stock shortly following our initial public offering and the sales of our Common Stock by certain selling stockholders.

In addition, in the past, class action litigation has often been instituted against companies whose securities have experienced periods of volatility in market price. Securities litigation brought against us following volatility in our stock price, regardless of the merit or ultimate results of such litigation, could result in substantial costs, which would hurt our financial condition and operating results and divert management's attention and resources from our business.

The price of our Common Stock may fluctuate or may decline regardless of our operating performance, resulting in substantial losses for investors.

The market price of our Common Stock may fluctuate significantly in response to numerous factors, many of which are beyond our control, including: actual or anticipated fluctuations in our results of operations; the financial projections we may provide to the public, any changes in these projections or our failure to meet these projections; failure of securities analysts to initiate or maintain coverage of our Company, changes in financial estimates or ratings by any securities analysts who follow our Company or our failure to meet these estimates or the expectations of investors; announcements by us or our competitors of significant innovations, acquisitions, strategic partnerships, joint ventures, operating results or capital commitments; changes in operating performance and stock market valuations of other companies in our industry; price and volume fluctuations in the overall stock market, including as a result of trends in the economy as a whole; changes in our Board or management; sales of large blocks of our Common Stock, including sales by our executive officers, directors and significant stockholders; lawsuits threatened or filed against us; changes in laws or regulations applicable to our business; the expiration of lock-up agreements; changes in our capital structure, such as future issuances of debt or equity securities; short sales, hedging and other derivative transactions involving our capital stock; general economic and geopolitical conditions, including the current or anticipated impact of military conflict and related sanctions imposed on Russia by the United States and other countries due to Russia's recent invasion of Ukraine; and the other factors described in this section of the report captioned, "*Risk Factors*."

**Certain recent initial public offerings of companies with relatively small public floats comparable to our anticipated public float have experienced extreme volatility that was seemingly unrelated to the underlying performance of the respective company. Our Common Stock may potentially experience rapid and substantial price volatility, which may make it difficult for prospective investors to assess the value of our Common Stock.**

In addition to the risks addressed above under "*The price of our Common Stock may fluctuate or may decline regardless of our operating performance, resulting in substantial losses for investors*," our Common Stock may be subject to rapid and substantial price volatility. We may experience extreme stock price volatility unrelated to our actual or expected operating performance, financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our ordinary shares. Recently, there have been instances of extreme stock price run-ups followed by rapid price declines and strong stock price volatility with a number of recent initial public offerings, especially among companies with relatively smaller public floats. As a relatively small-capitalization company with relatively small public float, we may experience greater stock price volatility, extreme price run-ups, lower trading volume and less liquidity than large-capitalization companies. In particular, our Common Stock may be subject to rapid and substantial price volatility, low volumes of trades and large spreads in bid and ask prices. Such volatility, including any stock-run up, may be unrelated to our actual or expected operating performance, financial condition or prospects, making it difficult for prospective investors to assess the rapidly changing value of our Common Stock.

In addition, if the trading volumes of our shares of Common Stock are low, persons buying or selling in relatively small quantities may easily influence prices of our shares of Common Stock. This low volume of trades could also cause the price of our Common Stock to fluctuate greatly, with large percentage changes in price occurring in any trading day session. Holders of our Common Stock may also not be able to readily liquidate their investment or may be forced to sell at depressed prices due to low volume trading. Broad market fluctuations and general economic and political conditions may also adversely affect the market price of our Common Stock. As a result of this volatility, investors may experience losses on their investment in our Common Stock. A decline in the market price of our Common Stock also could adversely affect our ability to issue additional shares of Common Stock or other securities and our ability to obtain additional financing in the future. No assurance can be given that an active market in our Common Stock will develop or be sustained. If an active market does not develop, holders of our Common Stock may be unable to readily sell the shares they hold or may not be able to sell their shares at all.

**The requirements of being a public company may strain our resources, divert management's attention, and affect our ability to attract and retain additional executive management and qualified board members.**

As a public company, we will be subject to the reporting requirements of the Exchange Act, the Sarbanes-Oxley Act, the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and other applicable securities rules and regulations. Compliance with these rules and regulations will increase our legal and financial compliance costs, make some activities more difficult, time-consuming, or costly and increase demand on our systems and resources. The Exchange Act requires, among other things, that we file annual, quarterly, and current reports with respect to our business and results of operations. The Sarbanes-Oxley Act requires, among other things, that we maintain effective disclosure controls and procedures and internal control over financial reporting. In order to maintain and, if required, improve our disclosure controls and procedures and internal control over financial reporting to meet this standard, significant resources and management oversight may be required. As a result, management's attention may be diverted from other business concerns, which could adversely affect our business and results of operations. We will need to hire additional employees or engage outside consultants to comply with these requirements, which will increase our costs and expenses.

**As a result of becoming a public company, we will be obligated to develop and maintain proper and effective internal control over financial reporting. If we fail to do so in a timely manner, or our internal control over financial reporting is not determined to be effective, this may adversely affect investor confidence in our company and, as a result, the value of our Common Stock.**

We will be required, pursuant to Section 404 of the Sarbanes-Oxley Act, to furnish a report by management on, among other things, the effectiveness of our internal control over financial reporting for the first fiscal year beginning after the effective date of our initial public offering. This assessment will need to include disclosure of any material weaknesses identified by our management in our internal control over financial reporting, as well as a statement that our independent registered public accounting firm has issued an opinion on our internal control over financial reporting, provided that our independent registered public accounting firm will not be required to attest to the effectiveness of our internal control over financial reporting until our first annual report required to be filed with the SEC following the date we are deemed to be an "accelerated filer" or a "large accelerated filer," each as defined in the Exchange Act. We will be required to disclose changes made in our internal control and procedures on a quarterly basis. To comply with the requirements of being a public company, we may need to undertake various actions, such as implementing new internal controls and procedures and hiring accounting or internal audit staff.

In future periods, if during the evaluation and testing process, we identify any other material weaknesses in our internal control over financial reporting, we will be unable to assert that our internal control over financial reporting is effective. If we are unable to assert that our internal control over financial reporting is effective, we could lose investor confidence in the accuracy and completeness of our financial reports, which would cause the price of our Common Stock to decline, and we may be subject to investigation or sanctions by the SEC.

**Our Certificate of Incorporation allows for our Board to create new series of preferred stock without further approval by our stockholders which could adversely affect the rights of the holders of our Common Stock.**

Our Board has the authority to fix and determine the relative rights and preferences of preferred stock. Our Board also has the authority to issue preferred stock without further stockholder approval. As a result, our Board could authorize the issuance of a series of preferred stock that would grant to such holders (i) the preferred right to our assets upon liquidation, (ii) the right to receive dividend payments before dividends are distributed to the holders of Common Stock and (iii) the right to the redemption of the shares, together with a premium, prior to the redemption of our Common Stock. In addition, our Board could authorize the issuance of a series of preferred stock that has greater voting power than our Common Stock or that is convertible into our Common Stock, which could decrease the relative voting power of our Common Stock or result in dilution to our existing holders of Common Stock.

Any of the actions described in the preceding paragraph could significantly adversely affect the investment made by holders of our Common Stock. Holders of Common Stock could potentially not receive dividends that they might otherwise have received. In addition, holders of our Common Stock could receive less proceeds in connection with any future sale of the Company, whether in liquidation or on any other basis.

**Our officers and directors own a substantial amount of our Common Stock and, therefore, exercise significant control over our corporate governance and affairs which may result in their taking actions with which other stockholders do not agree.**

Our executive officers and directors will control approximately 16.65% of our outstanding Common Stock after our initial public offering. These stockholders, if they act together, may be able to exercise substantial influence over the outcome of all corporate actions requiring approval of our stockholders, including the election of directors and approval of significant corporate transactions, which may result in corporate action with which other stockholders do not agree. This concentration of ownership may also have the effect of delaying or preventing a change in control which might be in other stockholders' best interest, but which might negatively affect the market price of our Common Stock.

**Our Certificate of Incorporation will designate a state or federal court located within the State of Delaware as the exclusive forum for substantially all disputes between the Company and its stockholders, which could limit the Company's stockholders' ability to choose the judicial forum for disputes with the Company or its directors, officers, or employees.**

Any person or entity purchasing or otherwise acquiring any interest in any of the securities of the Company will be deemed to have notice of and consented to these provisions. These exclusive-forum provisions may limit or make more costly a stockholder's ability to bring a claim in a judicial forum of its choosing for disputes with the Company or its directors, officers, or other employees, which may discourage lawsuits against the Company and its directors, officers, and other employees. If a court were to find these exclusive-forum provisions to be inapplicable or unenforceable in an action, the Company may incur additional costs associated with resolving the dispute in other jurisdictions, which could harm its results of operations.

**We are an "emerging growth company" and a "smaller reporting company" under the JOBS Act, and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies and smaller reporting companies will make our Common Stock less attractive to investors.**

We are an "emerging growth company" and a "smaller reporting company" as defined in the JOBS Act, and we may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not "emerging growth companies" and "smaller reporting companies" including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation in our periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and stockholder approval of any golden parachute payments not previously approved.

In addition, Section 107 of the JOBS Act also provides that an "emerging growth company" can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an "emerging growth company" can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We are choosing to take advantage of the extended transition period for complying with new or revised accounting standards.

We will remain an "emerging growth company" until the last day of the fiscal year following the fifth anniversary of the date of the first sale of our Common Stock pursuant to an effective registration statement under the Securities Act, although we will lose that status sooner if our revenues exceed $1.235 billion, if we issue more than $1 billion in non-convertible debt in a three year period, or if the market value of our Common Stock that is held by non-affiliates exceeds $700 million as of the last day of our most recently completed second fiscal quarter.

We may continue to be a smaller reporting company even after we are no longer an emerging growth company. We may take advantage of certain of the scaled disclosures available to smaller reporting companies and will be able to take advantage of these scaled disclosures for so long as (i) the market value of our Common Stock held by non-affiliates is equal to or less than $250 million as of the last business day of the most recently completed second fiscal quarter, and (ii) our annual revenues is equal to or less than $100 million during the most recently completed fiscal year and the market value of our Common Stock held by non-affiliates is equal to or less than $700 million as of the last business day of the most recently completed second fiscal quarter.

We cannot predict if investors will find our Common Stock less attractive because we may rely on these exemptions. If some investors find our Common Stock less attractive as a result, there may be a less active trading market for our Common Stock and our stock price may be more volatile. In addition, taking advantage of reduced disclosure obligations may make comparison of our financial statements with other public companies difficult or impossible. If investors are unable to compare our business with other companies in our industry, we may not be able to raise additional capital as and when we need it, which may materially and adversely affect our financial condition and results of operations.

**IN ADDITION TO THE ABOVE RISKS, BUSINESSES ARE OFTEN SUBJECT TO RISKS NOT FORESEEN OR FULLY APPRECIATED BY MANAGEMENT. IN REVIEWING THIS FILING, POTENTIAL INVESTORS SHOULD KEEP IN MIND THAT OTHER POSSIBLE RISKS MAY ADVERSELY IMPACT THE COMPANY'S BUSINESS OPERATIONS AND THE VALUE OF THE COMPANY'S SECURITIES.**

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| **ITEM** <br> 1B.<br>| **UNRESOLVED STAFF COMMENTS**<br>|

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None.

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| ITEM 2. | **PROPERTIES**<br>|

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Our principal place of business is located at 1915 Swarthmore Avenue, Lakewood, New Jersey 08701, which consists of approximately 6,770 square feet of space which the Company leases. The relevant lease is scheduled to expire on October 31, 2024.

We do not own any properties or land.

We believe our facilities are adequate and suitable for our current needs and that, should it be needed, suitable additional or alternative space will be available.

**ITEM 3. LEGAL PROCEEDINGS** 

From time to time, we may become involved in various lawsuits and legal proceedings, which arise in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business. We are currently not aware of any such legal proceedings or claims that we believe will have a material adverse effect on our business, financial condition, or operating results.

From time to time, we are subject to litigation and other proceedings that arise in the ordinary course of our business. Subject to the inherent uncertainties of litigation and although no assurances are possible, we believe that there are no pending lawsuits or claims that, individually or in the aggregate, will have a material adverse effect on our business, financial condition or our yearly results of operations.

**ITEM 4.**

**MINE SAFETY DISCLOSURES**

Not applicable.

**PART II**

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| ITEM 5. | **MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES**<br>|

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**Market Information**

Prior to our initial public offering, our Common Stock has not been listed on any stock exchange or quoted on any over-the-counter market or quotation system and there has been no public market for our Common Stock. We have applied to have our Common Stock listed on the Nasdaq Capital Market under the symbol "BABY," which listing is a condition to our initial public offering and the sale of securities registered for resale by certain selling stockholders under our Resale Prospectus.

**Holders of Common Stock**

As of March 28, 2023, we have 4,939,345 shares of Common Stock issued and outstanding held by 39 stockholders of record.

**Dividend Policy**

We do not currently anticipate declaring or paying cash dividends on our Common Stock in the foreseeable future. We currently intend to retain our future earnings, if any, to finance the development and expansion of our business and to pursue selective merger and acquisition opportunities. Any future determination to pay dividends will be at the discretion of our Board and will depend upon then-existing conditions, including our results of operations and financial condition, capital requirements, business prospects, statutory and contractual restrictions on our ability to pay cash dividends, including restrictions contained in our senior credit facility, and other factors our board of directors may deem relevant. Accordingly, you may need to sell your shares of our Common Stock to realize a return on your investment, and you may not be able to sell your shares at or above the price you paid for them. Our Series A Preferred Stock ranks on parity with our Common Stock with respect to dividend rights.

**Securities Authorized for Issuance under 2022 Equity Incentive Plan**

Our Board and stockholders adopted the 2022 Equity Incentive Plan (the "2022 Equity Incentive Plan") on September 1, 2022 and October 19, 2022, respectively. The 2022 Equity Incentive Plan governs equity awards to our employees, directors, officers, consultants, and other eligible participants. Under the 2022 Equity Incentive Plan there are 350,000 shares of Common Stock reserved for issuance.

The types of awards permitted under the 2022 Equity Incentive Plan include nonqualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units, and other awards. Each option shall be exercisable at such times and subject to such terms and conditions as the Board may specify.

The Board has the power to amend, suspend or terminate the 2022 Equity Incentive Plan without stockholder approval or ratification at any time or from time to time. No change may be made that increases the total number of shares of our Common Stock reserved for issuance pursuant to incentive awards or reduces the minimum exercise price for options or exchange of options for other incentive awards, unless such change is authorized by our stockholders within twelve (12) months prior to such an event.

As of December 31, 2022, the Company has not granted any awards under the 2022 Equity Incentive Plan.

**Recent Sales of Unregistered Securities**

In February 2022, the Company issued 150 shares of Series A preferred stock and 1,291,922 shares of common stock to management and advisors pursuant to services performed.

In March 2022, the Company received proceeds of $1,689,980 pursuant to the Subsequent Closing. Simultaneously with the proceeds from the Subsequent Closing, the 2021 Notes and $250,000 in related party accounts payable converted into shares of common stock and preferred stock on a one-for-one basis (based on the as-converted calculation of preferred stock). Altogether, the Company issued 2,270 shares of preferred stock and 731,690 shares of common stock pursuant to an aggregate value of $3,001,667, consisting of the March 2022 Subsequent Closing and the note and payable conversions.

On September 13, 2022, the Company conducted the first closing of a private placement offering of its common stock to accredited investors (the "Pre-IPO Offering"). Pursuant to the Pre-IPO Offering, the Company sold an aggregate of 538,338 shares of common stock at a price of $1.08 per share for net proceeds of $429,711, after deducting costs paid to the placement agent. In connection with the Pre-IPO Offering, the Company issued warrants to purchase 37,683 shares of common stock to the placement agreement as additional offering costs.

In October 2022, the Company issued 150,000 shares of common stock pursuant to professional fees incurred for the Company's anticipated public offering.

On October 19, 2022, the majority of all of the holders of (i) the issued and outstanding shares of common stock (the "Common Holders") and (ii) the issued and outstanding shares of Series A Preferred Stock (the "Preferred Holders"), and all of the Purchasers under the Securities Purchase Agreement (together with the Common Holders and the Preferred Holders, the "Holders") entered into an Omnibus Waiver, Consent and Exchange Agreement, pursuant to which the Holders agreed to, (1) amend and restate the Company's Certificate of Incorporation and the Certificate of Designation of its Series A Preferred Stock to, among other things, increase the number of authorized shares of Preferred Stock designated as Series A Preferred Stock and to increase the Beneficial Ownership Limitation from 4.99% to 9.99%, (2) terminate all prior lock-up agreements to which the Preferred Holders were a party pertaining to the Company's equity securities and replace and supersede all prior lock-up agreements to which the Common Holders were a party pertaining to the Company's equity securities with a new lock-up agreement to be entered into in connection with the IPO underwriting agreement, (3) permit the Preferred Holders to exchange an aggregate of 543,456 shares of Common Stock held by the Preferred Holders for shares of the Company's Series A Preferred Stock (the "Exchanged Series A Preferred Stock"), and (4) forever waive all registration rights granted to the Holders under the Securities Purchase Agreement.

Following the exchange of the Preferred Holders' shares of Common Stock into Exchanged Series A Preferred Stock, the Preferred Holders converted 1,291.085 shares of Series A Preferred Stock back into 1,291,085 shares of Common Stock.

On January 25, 2023, the Company issued three unsecured original issue discount promissory notes in the aggregate principal amount of $577,500, respectively (the "OID Notes"). The Company received proceeds in the aggregate amount of $550,000 in connection with the issuance of the OID Notes. No interest shall accrue on the OID Note prior to an event of default and after event of default, interest shall accrue at the rate of 24% per annum. The principal and all unpaid interest owed under each OID Note shall be due and payable on the earlier of (i) April 30, 2023, or (ii) three business days after the closing or abandonment of Company's anticipated initial public offering.

The Company is presently conducting a private offering (the "March 2023 Private Offering") of up to $1,000,000 of its unsecured promissory notes ("New Notes") and warrants to purchase up to 1,000,000 shares of the Company's common stock. The New Notes will bear interest at a rate of 6% per annum and will mature (the "New Notes Maturity Date") on the earlier of two years from the date of the initial closing of such private placement or a liquidity event, as defined in the New Notes, which includes a firm commitment underwritten initial public offering of the Common Stock. Each of the New Notes will be coupled with an equal number of warrants (the "New Warrants") to purchase common stock (up to $1,000,000 warrants) at an exercise price of $1.00 per share. On the New Notes Maturity Date, the New Notes will be automatically repaid, and the proceeds payable shall be automatically applied to the exercise of the New Warrants. As of March 28, 2023, the Company has issued $650,000 of New Notes and have issued New Warrants to purchase 650,000 shares of common stock. The Company received net proceeds of $590,00

0. Public Offering

The Company's registration statement on Form S-1 (Registration Number 333-267982) relating to its initial public offering was declared effective by the Securities and Exchange Commission on February 14, 2023. As of March 28, 2023, the Company has not consummated its initial public offering and has not received any proceeds therefrom.

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| ITEM 6. | **[RESERVED]**<br>|

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| ITEM 7. | **MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.**<br>|

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*The following discussion includes forward-looking statements about our business, financial condition and results of operations, including discussions about management's expectations for our business. These statements represent projections, beliefs and expectations based on current circumstances and conditions and in light of recent events and trends, and you should not construe these statements either as assurances of performance or as promises of a given course of action. Instead, various known and unknown factors are likely to cause our actual performance and management's actions to vary, and the results of these variances may be both material and adverse. A description of material factors known to us that may cause our results to vary or may cause management to deviate from its current plans and expectations, is set forth under "Risk Factors." See "Cautionary Note Regarding Forward-Looking Statements." The following discussion should also be read in conjunction with our audited consolidated financial statements including the notes thereto appearing elsewhere in this filing.*

**Overview of Operations**

We are primarily a baby gear distributor based in Lakewood, New Jersey. We showcase and sell our products through our showroom and our website, *www.pishposhbaby.com*

, third party marketplaces like Amazon.com and our boutique (on site). We also showcase and sell our baby gear products directly to consumers in our retail showroom in Lakewood, New Jersey. We focus on providing our consumers with high value content and education on brands of baby gear we believe to be of high quality. We have a team of Mom reps to assist consumers in our showroom, online and over the telephone. Our Mom reps are educated consumer advocates who we believe offer real value by helping guide customers, especially new moms to be, who may be very overwhelmed by the pregnancy experience, in a non-judgmental, friendly, and professional manner.

Although approximately 85% of our current sales are from strollers, stroller accessories and car seats, we also offer a variety of products including baby carriers, diaper bags, feeding and safety accessories and bouncers. We do not have our own fulfilment operations. We outsource our order fulfilment operations to a 35,000 square foot warehouse fulfilment center which we believe improves customer service and shortens the delivery time compared with those e-commerce retailers that do not hold any inventory. Outsourcing also lowers shipping costs as compared to drop shipping. We offer next day delivery via FedEx, UPS & USPS in the New York Tri-State area and free shipping on orders over $75. We currently maintain approximately $4.5 million of inventory, consisting of strollers, car seats and highchairs, with a 60 – 90-day turnover. With respect to items of which we sell less, we take customer orders before we purchase inventory from our vendors and then drop ship to the customer directly from the manufacturer thereby reducing our inventory risk on such items.

According to Market Watch, new mothers represent $16 billion in combined consumer purchasing power. We focus on offering baby gear for the mid to higher income demographics, specifically those with annual income of $75,000 and more. Currently, our average order is $200 – $300. However, since we believe that the average spending by expectant parents is around $4,000, we hope to be able to generate additional sales by offering additional products.

Our strategy is built upon:

&nbsp;&nbsp;&nbsp;&nbsp;· Sales growth of approximately 17% over the last three years without any new investment dollars, demonstrating ability to grow despite a challenging retail and macro environment.

&nbsp;&nbsp;&nbsp;&nbsp;· From 2022 vs. 2021, PishPosh has ramped sales by approximately 65%.

&nbsp;&nbsp;&nbsp;&nbsp;· The Company drives engagement using celebrity micro influencers via social media coupled with extensive data-collection and analytic capabilities to provide a personalized shopping experience that anticipates customer preferences and results in repeat purchases over long periods of time.

&nbsp;&nbsp;&nbsp;&nbsp;· PishPosh is a valued partner to its vendors because of its large and highly engaged consumer audience, providing significant brand exposure and ongoing revenue opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;· The Company has recently integrated a highly successful procurement and manufacturing team and intends to begin leveraging its recognized name by producing PishPosh-branded product lines to yield higher margins.

With additional investment to allow further scaling, the combination of its unique customer base, vendor relationships, efficient fulfilment infrastructure, and the ability to leverage its own brand for new products will result in significant competitive advantages and sustainably higher gross sales and net margins.

Our challenge is to ensure that potential customers do not use our content, education, and advice and purchase elsewhere. We currently intend to purchase, from time to time, end of season inventory to offer lower prices to help with customer acquisition. We also intend to widen our product line to furniture and nursery (products such as bedding and linen) in an effort to reach a broader range of consumers and to have a larger order value and better lifetime value per consumer. We intend to increase our Mom reps to include a wider range of persons in order to communicate with and relate to varied demographics. We believe that our Mom reps not only help increase our customer base but also help us compete with the Big Box stores and other online retailers. The salespeople in the Big Box stores do not necessarily consist of educated parents as our Mom reps. Online e-commerce retailers cannot provide the personal expertise that our Mom reps offer our potential customers.

Another major challenge of ours is that we are subject to the terms and conditions imposed on us by our vendors. We do not have any contracts or binding agreements to purchase inventory. Management works diligently to maintain good relationships with our vendors.

**Key Factors Affecting our Performance**

As a result of a number of factors, our historical results of operations may not be comparable to our results of operations in future periods, and our results of operations may not be directly comparable from period to period. Set forth below is a brief discussion of the key factors impacting our results of operations.

**Known Trends and Uncertainties**

**Inflation**

Prices of certain commodity products, including raw materials, are historically volatile and are subject to fluctuations arising from changes in domestic and international supply and demand, labor costs, competition, market speculation, government regulations, trade restrictions and tariffs. Increasing prices in the component materials for the goods we sell may impact the availability and the price of the products, as vendors search for alternatives to existing materials and increase the prices they charge for the goods. Also, cost base reflects significant elements for freight, including fuel, which has significantly increased due to the effects of the coronavirus (COVID-19) pandemic and Russia's initiation of military action against Ukraine. Rapid and significant changes in commodity prices such as fuel and plastic may increase the price at which we purchase goods that we sell from our vendors, and as a result, if we are unable to pass the increased costs of raw materials on to our customers, such increased costs may negatively affect our profit margins. We have experienced an increase in the cost of products from suppliers as well as an increase in shipping costs due to the increase in gas prices. While product cost increases have been passed through to our customers through product price increases, the increase in shipping costs has been absorbed by the Company, resulting in nominal impact to our profit margins. If our costs were to become subject to significant inflationary pressures, we may not be able to fully offset such higher costs by increasing prices for our products.

**Interest Rate**

Fluctuations in interest rates impact on the value of investments and financing activities, giving rise to interest rate risk. The debt of the Company is comprised of different instruments, which bear interest at either fixed or floating interest rates. The ratio of fixed and floating rate instruments in the loan portfolio is monitored and managed. All of our notes payable and capital lease obligations are fixed rate instruments and are not subject to fluctuations in interest rates. A majority of the interest rates on our borrowings compare favorably with those rates available in the market.

The Company policy with regards to financial assets, is to invest cash at floating rates of interest and to maintain cash reserves in short-term investments in order to maintain liquidity, while also achieving a satisfactory return for shareholders.

The impact of recent interest rate increases has increased interest incurred on our merchant advances and credit transactions, however the impact has not been material to our operations or financial performance.

Increasing interest rates may affect the Company's financing activities, which could make it more difficult for the Company to secure inventory on a timely basis and adversely impact the Company's ability to manage its accounts payable with suppliers.

**Geopolitical Conditions**

Our operations could be disrupted by geopolitical conditions, trade disputes, international boycotts and sanctions, political and social instability, acts of war, terrorist activity or other similar events. From time to time, we could have a large number of customers located in a particular geographic region. Decreased demand from a discrete event impacting a region in which we have a concentrated exposure could negatively impact our results of operations.

Recently, Russia initiated significant military action against Ukraine. In response, the U.S. and certain other countries imposed significant sanctions and export controls against Russia, Belarus and certain individuals and entities connected to Russian or Belarusian political, business, and financial organizations, and the U.S. and certain other countries could impose further sanctions, trade restrictions, and other retaliatory actions should the conflict continue or worsen. It is not possible to predict the broader consequences of the conflict, including related geopolitical tensions, and the measures and retaliatory actions taken by the U.S. and other countries in respect thereof as well as any counter measures or retaliatory actions by Russia or Belarus in response, including, for example, potential cyberattacks or the disruption of energy exports, is likely to cause regional instability, geopolitical shifts, and could materially adversely affect global trade, currency exchange rates, regional economies and the global economy. The situation remains uncertain, and while it is difficult to predict the impact of any of the foregoing, the conflict and actions taken in response to the conflict could increase our costs, disrupt our supply chain, reduce our sales and earnings, impair our ability to raise additional capital when needed on acceptable terms, if at all, or otherwise adversely affect our business, financial condition, and results of operations.

**Impact of the COVID-19 Pandemic on Our Operations**

The recent and ongoing COVID-19 pandemic could materially affect our operations, as well as the business or operations of third parties with whom we conduct business.

The future impact that COVID-19 may have on our results of operations is uncertain. We experienced a decrease in our net revenues of approximately 8% from the year ended December 31, 2021, compared to the year ended December 31, 2020. This decrease was primarily due to supply chain constraints resulting from the COVID-19 pandemic. In an effort to avoid running out of saleable merchandise inventory and losing revenue, we have had to, when available, acquire larger quantities of our traditional inventory and broaden our product offering to adopt to customer needs ahead of time. However, our suppliers have at times indicated that they would not be able to accommodate our order volume. If the disruptions caused by COVID-19 continue for an extended period, our ability to meet the demands of our customers may be materially impacted. To date, we have not experienced any material reduction in the available supply of products and our outlook and business goals have not been materially affected by the supply chain disruptions. We will continue to evaluate the nature and extent of COVID-19's impact to our business, results of operations, financial condition and liquidity. Our results presented herein are not necessarily indicative of the results to be expected for future periods in 2022 or the full fiscal year.

Management cannot predict the full impact of the COVID-19 pandemic on our sourcing, manufacturing and distribution of our products or to economic conditions generally, including the effects on consumer spending. The ultimate extent of the effects of the COVID-19 pandemic on us is highly uncertain and will depend on future developments, and such effects could exist for an extended period of time even after the pandemic might end.

Our business could be adversely affected by the effects of other future health epidemics or pandemics in regions where we or third parties on which we rely have significant business operations.

**Seasonality**

Since the demand for the category of products that we sell is not related to any particular season, and no seasonal pattern exists with respect to pregnancies, our business rarely suffers a seasonal impact.

**Components of Our Results of Operations**

*Net revenues*

We sell our products through our showroom and our website, as well as third party marketplaces like Amazon.com and our boutique (on site). We also showcase and sell our baby gear products directly to consumers in our retail showroom in Lakewood, New Jersey.

*Cost of net revenues and Gross profit and margin*

Our cost of net revenue includes the direct cost of purchased merchandise, inventory shrinkage, inventory adjustments due to obsolescence including excess and slow-moving inventory and lower of cost and net realizable reserves. Cost of net revenues also includes duties and inbound freight.

Our gross profit and margin is primarily driven by fluctuations in our product costs for purchased inventory.

*General and Administrative Expenses*

General and administrative expenses consist primarily of all payroll and payroll-related expenses, professional fees, insurance, software costs, merchant processing fees and expenses related to our operations at our headquarters, including warehouse costs, including utilities, depreciation and amortization, and other costs related to the administration of our business.

Following the completion of our initial public offering, we expect to incur additional expenses as a result of operating as a public company, including costs to comply with the rules and regulations applicable to companies listed on a national securities exchange, costs related to compliance and reporting obligations pursuant to the rules and regulations of the SEC and higher expenses for insurance, investor relations and professional services. We expect these costs will increase our operating costs.

*Sales and Marketing Expenses*

Sales and marketing expenses include advertising and marketing costs, including print, email marketing, digital and social media costs, public relations costs, as well as fulfilment charges, outbound shipping to customers, and Amazon commissions.

*Interest Expense*

Interest expense is incurred on the Company's various loans and merchant advances.

**Results of Operations**

*Summary of Results of Operations for the years ended December 31, 2022 and December 31, 2021*

The following table presents our results of operations for the years ended December 31, 2022 and 2021:

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| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | December 31, | December 31, |
|  | 2022 | 2021 |
| Net revenues  | $21986784 | $13331398 |
| Cost of net revenues  | 14735590 | 8892262 |
| Gross profit  | 7251194 | 4439136 |
| General and administrative  | 5829111 | 2089153 |
| Research and development  | 146022 | -  |
| Sales and marketing  | 6367245 | 3396989 |
| Loss from operations  | (5091184) | (1047006) |
| Other income (expense) | (50065) | (132157) |
| Net loss  | $(5141249) | $(1179163) |

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*Net revenues*

Net revenue was $22.0 million for the year ended December 31, 2022, as compared to $13.3 million for the comparable year ended December 31, 2021 an increase of $8.7 million. The increase was primarily due to a larger assortment and more variety of inventory available in 2022, as well as continued marketing efforts to support e-commerce activities.

*Cost of net revenues and Gross profit and margin*

Cost of net revenues was $14.7 million for the year ended December 31, 2022, as compared to $8.9 million for the comparable year ended December 31, 2021, an increase of $5.8 million. The increase was primarily attributable to higher revenues in 2022.

Our gross profit for the year ended December 31, 2022 was $7.3 million and $4.4 million for the year ended December 31, 2021, and our gross margin was 33.0% and 33.3% for the years ended December 31, 2022 and 2021, respectively, as our product and shipping costs as a percentage of revenue were consistent.

*General and Administrative Expenses*

General and administrative expenses were $5.8 million for the year ended December 31, 2022, as compared to $2.1 million for the comparable year ended December 31, 2021, an increase of $3.7 million. The increase was primarily due to stock-based compensation and other non-cash expenses as well as increased headcount in 2022.

General and administrative expenses as a percentage of revenues were 26.5% and 15.7% for the years ended December 31, 2022 and 2021, respectively.

*Research and Development*

Research and development expenses were $146,022 in the year ended December 31, 2022, which related to product testing.

*Sales and Marketing Expenses*

Sales and marketing expenses were $6.4 million for the year ended December 31, 2022, as compared to $3.4 million for the comparable year ended December 31, 2021, an increase of $3.0 million. The increase was primarily due to continued advertising and increased digital marketing efforts, as well as public relations costs in 2022.

Sales and marketing expenses as a percentage of revenues were 29.0% and 25.5% for the years ended December 31, 2022 and 2021, respectively.

*Other Income (Expense), Net*

Interest expense was $209,224 for the year ended December 31, 2022, as compared to $132,157 or the comparable year ended December 31, 2021. The increase was due to new loans and merchant advances entered into during the year. Other income was $159,159 in 2022, primarily due to the PPP forgiveness.

*Net Loss*

Net loss was $5.1 million for the year ended December 31, 2022, as compared to $1.2 million for the comparable year ended December 31, 2021, an increase of $3.9 million. The increase in net loss was primarily due to higher operating expenses driven by stock and non-cash compensation in 2022, partially offset by higher gross profit and other income.

**Liquidity and Capital Resources**

Our principal liquidity requirements are for working capital to fund our inventory and marketing expenditures. We fund our liquidity requirements primarily through cash on hand, cash flows from operations, and debt financing. As of December 31, 2022 and December 31, 2021, we had $218,605 and $773,880 of cash, respectively.

*Borrowings*

During 2022 and 2021, we entered into several short-term merchant loans with Amazon. The loans mature in six to nine months and bear interest ranging from 8% to 12%. The loans require monthly principal and interest payments. During the years ended December 31, 2022 and 2021, we received merchant advances totaling $7,202,000 and $797,010, respectively, and made repayments totaling $5,570,794 and $987,843, respectively. As of December 31, 2022 and 2021, we had $1,843,025 and $209,168, respectively in outstanding principal pertaining to these merchant loans. Interest expense for the loans totaled $157,322 and $40,852 for the years ended December 31, 2022 and 2021, respectively. As of December 31, 2022 and 2021, there was $17,376 and $0, respectively, in interest payable pertaining to these loans.

During 2021, we received loan proceeds of $651,873 from a related party. The loan was unsecured, non-interest bearing and due on demand. During 2021, we fully repaid this loan.

In May 2021, we entered into a loan with a lender in an aggregate principal amount of $142,597 pursuant to the Paycheck Protection Program ("PPP") under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The PPP Loan is evidenced by a promissory note ("PPP Note"). Subject to the terms of the PPP Note, the PPP Loan bears interest at a fixed rate of one percent (1%) per annum, with the first six months of interest deferred, has an initial term of five years, and is unsecured and guaranteed by the Small Business Administration. We may apply to the lender for forgiveness of the PPP Loan, with the amount which may be forgiven equal to the sum of payroll costs, covered rent, and covered utility payments incurred by the Company during the applicable forgiveness period, calculated in accordance with the terms of the CARES Act. The PPP Note provides for customary events of default including, among other things, cross-defaults on any other loan with the lender. The PPP Loans may be accelerated upon the occurrence of an event of default. The loan proceeds were used for payroll and other covered payments including general operating costs and were fully forgiven in February 2022. As such, the Company recorded a gain of $142,597 included in other income in the statements of comprehensive loss.

As of December 31, 2022 and 2021, we had $1,025,000 outstanding pertaining to a promissory note received in 2021. In December 2022, the Company extended the maturity date to March 31, 2024. Interest expense for the years ended December 31, 2022 and 2021 were $0 and $25,000, respectively, all of which was accrued and unpaid as of December 31, 2022.

In November 2021, in connection with the Note Closing, we entered into the Notes for an aggregate principal amount of $1,061,687. The Notes bear interest at 8% per annum and matured on February 28, 2022. The Notes are convertible into shares of Common Stock and/or Series A Preferred Stock and warrants to purchase Common Stock of the Company. In March 2022, upon the Subsequent Closing, $1,061,687 of the Notes automatically converted into shares of Common Stock at a conversion price of $1.00 per share and/or, subject to the Beneficial Ownership Limitation (as defined below), Series A Preferred Stock and Mergeco Warrants.

During the year ended December 31, 2021, we incurred $16,562 in interest pertaining to the Notes, all of which was accrued and unpaid as of December 31, 2021. Upon the Subsequent Closing and conversion of the Notes at their principal amount, the interest was deemed forgiven and we recorded a gain in other income in the statements of comprehensive loss.

In connection with the Subsequent Closing, as part of the Placement Agent Consideration (as defined below), we issued a convertible promissory note to Palladium Capital Group, LLC (formerly Palladium Capital Advisors, LLC) in the principal amount of $240,135, dated March 1, 2022, which was subsequently assigned to Palladium Holdings LLC on April 6, 2022 (the "<u>Palladium Note</u>"). The Palladium Note bears interest at a rate of 8% per annum and matures on September 1, 2023; provided, that no interest will be payable in the event such Palladium Note is converted into shares of common and/or Series A Preferred Stock and warrants of PishPosh, Inc. The value of the Palladium Note was recognized as offering costs and charged to additional paid-in capital.

On August 23, 2022, we issued a Convertible Promissory Note to Dov Kurlander pursuant to services performed in the principal amount of $950,000 (the "Kurlander Note"). The Kurlander Note bears interest at 5% per annum, with principal and interest payments payable monthly, and matures on May 15, 2023.

The terms of the Kurlander Note provide that Mr. Kurlander shall be entitled, at his election, to convert all or any portion of the outstanding principal amount and accrued but unpaid interest under the Kurlander Note into validly issued, fully paid and non-assessable shares of Common Stock at a price equal to an amount that is 110% of the price at which the Company consummates its initial public offering of its Common Stock on the effective date of this registration statement. However, pursuant to the terms of the Kurlander Note, Mr. Kurlander shall not have the right to exercise any portion of the Kurlander Note as his current beneficial ownership exceeds the Beneficial Ownership Limitation.

**Cash Flows**

The following table summarizes our cash flows from operating, investing, and financing activities:

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| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | December 31, | December 31, |
|  | 2022 | 2021 |
| Net cash used in operating activities  | $(4272410) | $(1173098) |
| Net cash used in investing activities  | (33762) | (99611) |
| Net cash provided by financing activities  | 3750897 | 1988451 |
| Net change in cash and cash equivalents  | $(555275) | $715742 |

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*Cash Used in Operating Activities*

Cash flows used in operating activities were $4.3 million for the year ended December 31, 2022, as compared to cash provided of $1.2 for the comparable year ended December 31, 2021. Cash used during the year ended December 31, 2022 was primarily driven by our net loss of $5.1 million, decreases in operating assets and liabilities of $1.8 million, partially offset by non-cash charges of $2.7 million. Changes in operating assets and liabilities included an increase of $1.6 million in inventory and deferred offering costs of $0.8 million, partially offset by an increase of $0.8 million in accounts payable and accounts payable, related party.

Cash flows used in operating activities for the year ended December 31, 2021 were primarily driven by our net loss of $1.2 million and cash used in operating assets and liabilities of $0.2 million, partially offset by non-cash charges of $0.2 million. Changes in operating assets and liabilities included an increase of $1.1 million in inventory, partially offset by an increase of $0.8 million in accounts payable.

*Cash Used in Investing Activities*

Cash used in investing activities was $33,762 and $0.1 million for the years ended December 31, 2022 and 2021, respectively primarily driven by capitalized website development costs.

*Cash Provided by Financing Activities*

We received loan proceeds of $7.2 million for the year ended December 31, 2022 and made repayments totaling $5.6 million. We also received $1.7 million in the issuance of preferred and common stock pursuant to the Subsequent Closing. We also received $0.4 million in the issuance of common stock from the pre-IPO offering.

In the year ended December 31, 2021, we received an aggregate of $4.2 million in proceeds from loans, merchant advances, related party advances and convertible notes. We made loan repayments of $1.5 million and repaid related party loans totaling $0.7 million.

**Going Concern**

The Company has evaluated whether there are certain conditions and events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the financial statements are issued.

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has often not generated profits since inception, has sustained net losses of $5,141,249 and $1,179,163 for the years ended December 31, 2022 and 2021 respectively, and has negative cash flows from operations for the years then ended. These factors raise substantial doubt about the Company's ability to continue as a going concern. The Company's ability to continue as a going concern for the next 12 months from the date the financial statements were available to be issued is dependent upon its ability to generate sufficient cash flows from operations to meet its obligations, which it has not been able to accomplish to date, and/or to obtain additional capital financing. Through the date the financial statements were available to be issued, the Company has been primarily financed through the issuance of loans and proceeds from the sale of preferred and common stock. In the event that the Company cannot generate sufficient revenue to sustain its operations, the Company will need to reduce expenses or obtain financing through the sale of debt and/or equity securities. The issuance of additional equity would result in dilution to existing shareholders. If the Company is unable to obtain additional funds when they are needed or if such funds cannot be obtained on terms acceptable to the Company, the Company would be unable to execute upon the business plan or pay costs and expenses as they are incurred, which would have a material, adverse effect on the business, financial condition and results of operations. No assurance can be given that the Company will be successful in these efforts. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

The Company is seeking to raise capital via an equity offering. In the event the Company does not complete an offering, the Company expects to seek additional funding through private equity or debt financings. The Company may not be able to obtain financing on acceptable terms, or at all.

**Off-Balance Sheet Arrangements**

We do not have any off-balance sheet arrangements, as defined by applicable regulations of the SEC, that are reasonably likely to have a current or future material effect on our financial condition, results of operations, liquidity, capital expenditures or capital resources.

**Emerging Growth Company and Smaller Reporting Company Status**

We are an emerging growth company, as defined in the JOBS Act. Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. We elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that we (i) are no longer an emerging growth company or (ii) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, these financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. We are using the extended transition period for any other new or revised accounting standards during the period in which we remain an emerging growth company.

We will remain an emerging growth company until the earliest of (i) the last day of our first fiscal year (a) following the fifth anniversary of the completion of this offering, (b) in which we have total annual gross revenues of at least $1.235 billion or (c) in which we are deemed to be a large accelerated filer, which means the market value of our Common Stock that is held by non-affiliates exceeds $700.0 million as of the prior June 30th and (ii) the date on which we have issued more than $1.0 billion in non-convertible debt securities during the prior three-year period.

We are also a "smaller reporting company," meaning that the market value of our stock held by non-affiliates plus the proposed aggregate amount of gross proceeds to us as a result of this offering is less than $700.0 million and our annual revenue is less than $100.0 million during the most recently completed fiscal year. We may continue to be a smaller reporting company after this offering if either (i) the market value of our stock held by non-affiliates is less than $250.0 million or (ii) our annual revenue is less than $100.0 million during the most recently completed fiscal year and the market value of our stock held by non-affiliates is less than $700.0 million. If we are a smaller reporting company at the time we cease to be an emerging growth company, we may continue to rely on exemptions from certain disclosure requirements that are available to smaller reporting companies. Specifically, as a smaller reporting company we may choose to present only the two most recent fiscal years of audited financial statements in our Annual Reports on Form 10-K and, similar to emerging growth companies, smaller reporting companies have reduced disclosure obligations regarding executive compensation.

**Critical Accounting Policies**

The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America ("GAAP"). The Company's fiscal year end is December 31.

*Use of Estimates*

The preparation of our financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, inventory, revenue recognition, and e-commerce accounting considerations. We base our estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates when there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates.

*Fair Value of Financial Instruments*

Certain assets and liabilities of the Company are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:

&nbsp;&nbsp;&nbsp;&nbsp;· Level 1—Quoted prices in active markets for identical assets or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;· Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.

&nbsp;&nbsp;&nbsp;&nbsp;· Level 3—Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.

The carrying values of our accounts receivable, prepaid expenses, accounts payable and accrued expenses approximate their fair values due to the short maturity of these instruments. We believe the carrying amount of our convertible notes payable and loan payable approximate fair value based on rates and other terms currently available to us for similar debt instruments.

*Accounts Receivable* 

Accounts receivable are derived from products delivered to customers and are stated at their net realizable value. Each month, the Company reviews its receivables on a customer-by-customer basis and evaluates whether an allowance for doubtful accounts is necessary based on any known or perceived collection issues. Any balances that are eventually deemed uncollectible are written off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote.

*Inventory*

Inventories consist of finished goods and products in transit from the Company's suppliers. Finished goods inventory includes amounts primarily held at the Company's warehouse location and at Amazon. Costs of finished goods inventories include all costs incurred to bring inventory to its current condition, including inbound freight and duties. Inventory is recorded at the lower of cost or net realizable value using the first-in-first-out (FIFO) method. If the Company determines that the estimated net realizable value of its inventory is less than the carrying value of such inventory, it records a charge to cost of goods sold to reflect the lower of cost or net realizable value. If actual market conditions are less favorable than those projected by the Company, further adjustments may be required that would increase the cost of goods sold in the period in which such a determination was made.

*Intangible Assets*

Intangible assets consist of capitalized website development costs less accumulated amortization. Website development costs are capitalized during the application and infrastructure development stage in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 350-50. We amortize these costs using the straight-line method over an estimated useful life of three years.

*Impairment of Long-Lived Assets*

We review our long-lived assets (property and equipment and amortizable intangible assets) for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the expected cash flows, undiscounted, is less than the carrying amount of the asset, an impairment loss is recognized as the amount by which the carrying amount of the asset exceeds its fair value.

*Revenue Recognition*

In accordance with FASB ASC 606, *Revenue from Contracts with Customers*¸ the Company determines revenue recognition through the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;· Identification of a contract with a customer;

&nbsp;&nbsp;&nbsp;&nbsp;· Identification of the performance obligations in the contract;

&nbsp;&nbsp;&nbsp;&nbsp;· Determination of the transaction price;

&nbsp;&nbsp;&nbsp;&nbsp;· Allocation of the transaction price to the performance obligations in the contract; and

&nbsp;&nbsp;&nbsp;&nbsp;· Recognition of revenue when or as the performance obligations are satisfied.

Revenue is recognized when performance obligations are satisfied through the transfer of control of promised goods to the Company's customers in an amount that reflects the consideration expected to be received in exchange for transferring goods or services to customers. Control transfers once a customer has the ability to direct the use of, and obtain substantially all of the benefits from, the product. This includes the transfer of legal title, physical possession, the risks and rewards of ownership, and customer acceptance.

The Company derives its revenue primarily from e-commerce transactions. For e-commerce transactions, revenue is recognized at the time the product is shipped to the customer, which is the point in time when control is transferred. The Company generates a small percentage of sales in its showroom, which revenue is recognized at the time the product is sold in store to the customer.

The Company deducts discounts, sales tax, and estimated refunds to arrive at net revenue. Sales tax collected from clients is not considered revenue and is included in accrued expenses until remitted to the taxing authorities. Shipping and handling fees charged to customers are included in net revenues. All shipping and handling costs are accounted for as fulfillment costs in sales and marketing expense, and are therefore not evaluated as a separate performance obligation.

*Cost of Revenue*

Cost of revenue consists of the costs of inventory sold, packaging materials costs, inbound freight and customs and duties. The Company includes outbound freight associated with shipping goods to customers as a component of sales and marketing expenses as noted below.

*Sales and Marketing*

Sales and marketing expenses includes fulfillment center operations, third-party logistics costs, e-commerce selling commissions, marketing and advertising costs as well as public relations.

The Company also includes outbound freight associated with shipping goods to customers as a component of sales and marketing expenses.

*General and Administrative Expenses*

General and administrative expenses consist primarily of compensation and benefits costs, professional services and information technology. General and administrative expenses also include payment processing fees, website costs and warehousing fees.

*Deferred Offering Costs*

The Company complies with the requirements of FASB ASC 340-10-S99-1 with regards to offering costs. Prior to the completion of an offering, offering costs are capitalized. The deferred offering costs are charged to additional paid-in capital or as a discount to debt, as applicable, upon the completion of an offering or to expense if the offering is not completed.

*Warrant Valuation*

Stock warrant valuation models require the input of highly subjective assumptions. The fair value of stock-based payment awards was estimated using the Black-Scholes option model with a volatility figure derived from an index of historical stock prices for comparable entities. The Company accounts for the expected life based on the contractual life of the warrants. The risk-free interest rate was determined from the implied yields of U.S. Treasury zero-coupon bonds with a remaining life consistent with the expected term of the warrants.

**Recent Accounting Pronouncements**

In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842, as modified by other subsequently issued related ASUs. The amendments in these Updates specify the accounting for leases. The core principle of Topic 842 is that a lessee should recognize the assets and liabilities that arise from leases. The Company adopted the new standard, including ASU No. 2021-09, Leases (Topic 842), Discount Rate for Lessees That are Not Public Business Entities, which provides nonpublic business entities with a practical expedient that allows them to elect, as an accounting policy, to use a risk-free rate as the discount rate for all leases, and all other related ASUs, effective January 1, 2022 using a modified retrospective approach. The Company also elected the package of practical expedients permitted under the transition guidance within the new standard (see below).

As of January 1, 2022, the Company changed its accounting method for leases as a result of implementing the requirements of FASB ASC 842, Leases, using the modified retrospective transition method. There was no cumulative effect adjustment to the Company's balance sheet as of January 1, 2022. Adoption of the new guidance did not have a significant impact to the statements of operations or cash flows for the year ended December 31, 2022. Comparative information has not been restated and continues to be reported under the accounting standards in effect for the prior period.

The new lease guidance requires the recognition of a right-of-use asset and a lease liability for operating leases. The Company elected the package of practical expedients, including 1) relief from reassessing whether any expired or existing contracts are or contain leases, 2) relief from reassessing the classification for any expired or existing leases, 3) relief from reassessing initial direct costs for any existing leases, 4) using hindsight to determine the lease term and assess impairment of right-of-use assets, 5) election not to apply the recognition requirements to short-term leases, and 6) election not to separate lease components from non-lease components.

In August 2020, the FASB issued ASU 2020-06, which simplifies the guidance on the issuer's accounting for convertible debt instruments by removing the separation models for convertible debt with a cash conversion feature and convertible instruments with a beneficial conversion feature. As a result, entities will not separately present in equity an embedded conversion feature in such debt and will account for a convertible debt instrument wholly as debt, unless certain other conditions are met. The elimination of these models will reduce reported interest expense and increase reported net income for entities that have issued a convertible instrument that is within the scope of ASU 2020-06. ASU 2020-06 is applicable for fiscal years beginning after December 15, 2021, with early adoption permitted no earlier than fiscal years beginning after December 15, 2020. The Company adopted ASU 2020-06 on January 1, 2022 and the adoption of this ASU did not have a material impact on the Company's financial statements and related disclosures.

**ITEM 7A.**

**QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

The Company is a smaller reporting company as defined by Rule 12b-2 of the Exchange Act and is not required to provide the information under this Item.

**ITEM 8.**

**FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA**

The financial statements required to be filed pursuant to this Item 8 are appended to this report and are incorporated herein by reference. An index of those financial statements is found in Item 15 of Part IV of this Annual Report.

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| | |
|:---|:---|
| ITEM 9. | **CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE**<br>|

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None.

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|:---|:---|
| ITEM 9A. | **CONTROLS AND PROCEDURES**<br>|

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**Evaluation of Disclosure Controls and Procedures**

Disclosure controls and procedures as defined in Rules 13a-15I and 15d-15(e) under the Exchange Act are controls and other procedures that are designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is accumulated and communicated to management, including our principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

Our management, with the participation of our chief executive officer (our principal executive officer) and our chief financial officer (our principal financial officer) evaluated the effectiveness of our disclosure controls and procedures as of the end of the period covered by this Annual Report on Form 10-K. Based upon that evaluation, and as a result of the remediation of previously identified material weaknesses, as described below, our principal executive officer and principal financial officer concluded that, as of December 31, 2022, our disclosure controls and procedures were effective.

**Management's Annual Report on Internal Control Over Financial Reporting**

Management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projection of any evaluation of effectiveness to future periods is subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with policies or procedures may deteriorate. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control – Integrated Framework (2013 Framework). Based on this assessment, management concluded that, as of December 31, 2022, the Company's internal control over financial reporting was effective.

**Changes in Internal Control Over Financial Reporting**

During the preparation of our financial statements for the fiscal years ended December 31, 2022 and 2021, we identified certain material weaknesses:

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| |
|:---|
| Management needs to establish internal controls to ensure all executed agreements are properly retained.<br>|
| Management needs to establish internal controls to ensure all payments to or on behalf of the Company are made in accordance with the terms of the relevant agreements, are properly recorded, and any required proper annual government forms are filed.<br>|
| Management needs to implement controls to accurately track gift certificates issued, utilized and outstanding.<br>|
| The Company does not capitalize any freight costs associated with acquiring its inventory, which is not in accordance with Financial Accounting Standards Board Accounting Standards Codification 330, Inventory. For financial reporting purposes, the Company did make estimates of freight costs to be capitalized as of and recorded these estimates. Management needs to develop internal controls to accurately capture the freight costs in inventory balances for each reporting period.<br>|
| Management needs to develop internal controls around inventory and inventory in-transit.<br>|
| The Company lacks internal controls around cash receipts and cash disbursements.<br>|
| The Company lacks internal controls over journal entries. |
| The Company lacks documentation of internal control policies over IT systems and third party websites. <br>The Company utilizes related parties' credit cards to pay for inventory and other expenses of the Company. These credit cards are used by the Company and by the related parties and thus the credit card charges are co-mingled and susceptible to errors in accounting for Company activity. The Company should avoid utilizing related parties' credit cards; however, if this type of financing is still required, Management needs to implement internal controls to ensure all Company related credit card charges are properly identified and recorded.<br>|
| Management needs to establish internal controls to ensure all loans are properly documented and executed and that all payments to loan holders are made in accordance with the loan agreements.<br>|

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We are in the process of implementing measures designed to improve our internal control over financial reporting to remediate these material weaknesses. The Company's plan to remediate the material weaknesses in its internal control over financial reporting includes utilizing a portion of the working capital from its initial public offering to increase staffing within its finance department sufficient to facilitate proper segregation of accounting functions and to enable appropriate review of its internally prepared financial statements. In addition, the Company plans to retain outside consultants, experts in, and specializing in SEC reporting for public company registrants.

**Attestation Report of Independent Registered Public Accounting Firm**

This Annual Report on Form 10-K does not include an attestation report of the Company's registered public accounting firm, as non-accelerated filers are exempt from the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act.

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| | |
|:---|:---|
| ITEM 9B. | **OTHER INFORMATION**<br>|

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None.

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| | |
|:---|:---|
| ITEM 9C. | **DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS**<br>|

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Not applicable.

**PART III**

**ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE**

The following table sets forth as of March 28, 2023, the names and positions of our executive officers and directors serving as of such date. Directors will be elected at our annual meeting of stockholders and serve for one year or until their successors are elected and qualify. Officers are elected by the Board and their terms of office are, except to the extent governed by employment contract, at the discretion of the Board.

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| | | | |
|:---|:---|:---|:---|
| **Name**<br>| **Age**<br>| **Position**<br>| **Director<br>Since**<br>|
| Chaim (Charlie) Birnbaum<br>| 34<br>| Chief Executive Officer and Director<br>| May 2022<br>|
| Eric Sherb<br>| 36<br>| Chief Financial Officer<br>| —<br>|
| Alon Benishai (a.k.a. Allan Ben)<br>| 53<br>| Chief Merchandising Officer (Non-Executive position)<br>| —<br>|
| Jesse Sutton<br>| 53<br>| Chairman and Director<br>| May 2022<br>|
| Patrick White<br>| 69<br>| Director<br>| May 2022<br>|
| Menachem (Mark) Kahn<br>| 25<br>| Director<br>| May 2022<br>|
| Victor Setton<br>| 50<br>| Director<br>| September 2022<br>|

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**Chaim (Charlie) Birnbaum**

. Charlie Birnbaum was appointed as Chief Executive Officer of the Company on January 18, 2023 and was appointed a director of the Company in May 2022. Prior to being appointed as Chief Executive Officer, Charlie served as Chief Operating Officer of Pish Posh Baby and became Chief Operating Officer of the Company concurrent with the Merger of Pish Posh Baby with and into the Company in February 2022. A decade-long veteran in online business-to-consumer ("B2C") sales, Mr. Birnbaum has spent the last five years leveraging his deep knowledge of e-commerce operations and strategy to reposition PishPosh Baby as a rapidly expanding, profitable online player. Mr. Birnbaum is qualified to serve as a director of the Company due to his extensive experience and knowledge of online B2C sales.

**Eric Sherb**

. Eric Sherb was appointed as Chief Financial Officer of the Company on August 29, 2022. Mr. Sherb acted as the Company's Chief Financial Officer on an outsourced basis since July 2022. He is a CPA with 13 years of experience in accounting advisory, auditing and mergers and acquisitions. He began his career at PricewaterhouseCoopers, where he worked as a senior associate from June 2011 to January 2013. Mr. Sherb has several years' experience in mid-size audit and consulting firms with clients in a variety of industries. Since October 2018, Eric has been a founder and owner of EMS Consulting Services, LLC. He has extensive experience in financial reporting for pre-revenue startups to large public entities, including bookkeeping, consolidation, financial statement preparation and analysis, management and investor reporting, financial modeling and audit and IPO readiness. Mr. Sherb has provided technical advisory on complex transactions, including debt/equity financings, business combinations, revenue recognition, lease arrangements, etc. Mr. Sherb has helped clients establish and improve financial operations, including system implementation, compensation structures and the creation of accounting policies and processes. Mr. Sherb graduated with a Bachelor of Business Administration from Emory University in Accounting and Finance.

**Alon Benishai (a.k.a. Allan Ben).**

Mr. Benishai is our Chief Merchandising Officer (a non-executive position). Since 2005, he has and continues to serve as the Chief Executive Officer of Art and Cook, a wholesale consumer goods specializing in home products. He was responsible for importing over $150M of goods in the past five years. Some of his daily duties include:

&nbsp;&nbsp;&nbsp;&nbsp;· Leading the team responsible for designing, selecting, and executing the curated assortment of items offered;

&nbsp;&nbsp;&nbsp;&nbsp;· Responsible for the strategy and growth of Art and Cook;

&nbsp;&nbsp;&nbsp;&nbsp;· Responsible for getting the right products to customers in a timely fashion;

&nbsp;&nbsp;&nbsp;&nbsp;· Leads Art and Cook's integrated planning, flow planning, distribution centers, fulfilment centers, transportation, and last mile operations;

&nbsp;&nbsp;&nbsp;&nbsp;· Leads a team of associates working across controllership, finance, merchandise planning, and financial planning and analysis;

&nbsp;&nbsp;&nbsp;&nbsp;· Ensures Art and Cook's stays ahead of the curve on the future of wholesale, by identifying, and developing future revenue streams; and

&nbsp;&nbsp;&nbsp;&nbsp;· Oversees product management, operations transformation, and the user experience across omnichannel commerce.

Mr. Benishai brings more than 20 years' experience working in product development, sourcing, and consulting and has served as a product, packaging, and branding advisor for companies such as Polaroid (2015-2016), Sharper Image (2016-2017), Brookstone (2019-2020) and Southern Telecom (2007-2022).

**Jesse Sutton.**

Jesse Sutton was appointed Chairman of the Company on January 18, 2023 and was appointed as a director of the Company in May 2022. In addition, Mr. Sutton also previously served as Chief Executive Officer of Pish Posh Baby and became Chief Executive Officer of the Company concurrent with the Merger of Pish Posh Baby with and into the Company in February 2022 and continued to serve as the Chief Executive Officer of the Company until January 18, 2023. Mr. Sutton has over 25 years' experience in the video game industry and has overseen the publishing of hundreds of games across all platforms and all genres. From 2007 through 2017, Mr. Sutton was CEO of Majesco Entertainment, a NASDAQ-traded video game publisher he co-founded in 2003 where he was responsible for the development and publishing of popular interactive entertainment titles such as Zumba and Cooking Mama. While with Majesco, he was responsible for all aspects of the company including funding, product development, SEC reporting, marketing, licensing, sales and operations. After Majesco Entertainment went private in 2017, he continued to serve as CEO through 2021, and from 2019 through 2020, he also served as President of Global Bit, a software development firm. Since 2019, Mr. Sutton also serves as Chief Executive Officer and a director of Ultimax Digital Inc. Since 2005, Mr. Sutton has served as Chairman of the Reach For The Stars School for Autistic Children. Mr. Sutton holds a Bachelor's Degree from Yeshiva University. Mr. Sutton is qualified to serve as a director of the Company due to the valuable expertise and perspective he brings in his capacity as the Company's Chief Executive Officer and because of his extensive experience and knowledge of the consumer products industry.

**Patrick White**

. Patrick White joined the Company as a director in May 2022. Mr. White has served as a director of VerifyMe, Inc. (NASDAQ: VRME) since July 12, 2017. Mr. White founded Document Security Systems, Inc. (NYSE: DSS), a technology company, and served as its Chief Executive Officer and Director from August 2002 until December 2012 and as its business consultant from 2012 to March 2015. Mr. White has been a director of BoxScore Brands Inc. (OTCQB: BOXES) (formerly, U-Vend, Inc.) since 2009. Mr. White was a Financial Advisor for Monroe County, NY Government from April 2016 until May 2017. Mr. White was a consultant to VerifyMe, Inc. from June 1, 2017 through August 14, 2017, when he was appointed Chief Executive Officer and President. Mr. White was appointed to the Company's Board for his experience with previously serving as the Chief Executive Officer of a public company. Mr. White is qualified to serve as a director of the Company due to his substantial board and consulting experience.

**Menachem (Mark) Kahn.**

Mark Kahn joined the Company as a director in May 2022. Since 2022, Mr. Kahn works as a financial analyst at Israel David LLC a boutique securities litigation firm. Mr. Kahn was previously employed at Palladium Capital Group, LLC in a non-licensed analyst capacity. Prior to joining Palladium, Mr. Kahn co-founded Siyata Capital Partners Family fund, a hedge fund focusing on technology startups and growth companies, where he served as Technology Analyst from June 2020 to September 2021. At Siyata, Mr. Kahn assumed responsibility for the P&L of the fund and its clients. Mr. Kahn also has extensive experience in advising successful e-commerce companies and startup companies. From December 2018 through December 2019, he ran the development and design of SkuNexus, now a leading e-commerce software with partnerships with Shopify and BigCommerce, and other public companies. Mr. Kahn's experience and strength in e-commerce, finance, and technology serve as a great asset for Pish Posh Baby's Board. Mr. Kahn holds degrees in software architecture and design from General Assembly NYC which was awarded in December 2018. Mr. Kahn brings a wealth of experience to Pish Posh Baby, including knowledge of the finance, e-commerce, and technology spaces. His expertise in business development, software architecture and design, and P&L management is expected to contribute to Pish Posh Baby's continued success. His experience in advising successful e-commerce companies, combined with his understanding of the venture capital and startup space, make him an ideal addition to the Board. Mr. Kahn is highly respected in the industry and his appointment to the Board is an exciting development for Pish Posh Baby.

**Victor Setton**

. Victor Setton joined the Company as a director in September 2022. Since January 2005, Mr. Setton has served as President and Chief Executive Office of Just Mobile Direct Inc., a manufacturer and distributor of consumer electronics & accessories, selling primary to national retail accounts. In addition, since December 2020, Mr. Setton has also served as a founder of Current Digital Influence Group, a brand license developer of consumer products for digital media influencers. From May 2020 through February 2020, Mr. Setton acted as Chief Executive Officer of Mobile City Online, a direct-to-consumer commerce of mobile electronics and related accessories. Mr. Setton is qualified to serve as a director of the Company due to his experience and knowledge of the e-commerce and consumer products industry.

**Board of Directors**

The number of members of our Board will be determined from time to time by resolution of the Board. Currently, our Board consists of five (5) persons. Our directors hold office until the earlier of their death, resignation, retirement, disqualification, or removal or until their successors have been duly elected and qualified.

**Director Independence**

Prior to the closing of this initial public offering, our Board will be composed of a majority of "independent directors" as defined under the rules of The Nasdaq Stock Market LLC ("Nasdaq"). We use the definition of "*independence*" applied by Nasdaq to make this determination. Nasdaq Listing Rule 5605(a)(2) provides that an "*independent director*" is a person other than an officer or employee of the company or any other individual having a relationship which, in the opinion of the company's board of directors, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director. Nasdaq listing rules provide that a director cannot be considered independent if:

&nbsp;&nbsp;&nbsp;&nbsp;· the director is, or at any time during the past three (3) years was, an employee of the company;

&nbsp;&nbsp;&nbsp;&nbsp;· the director or a family member of the director accepted any compensation from the company in excess of $120,000 during any period of twelve (12) consecutive months within the three (3) years preceding the independence determination (subject to certain exemptions, including, among other things, compensation for board or board committee service);

&nbsp;&nbsp;&nbsp;&nbsp;· the director or a family member of the director is a partner in, controlling stockholder of, or an executive officer of an entity to which the company made, or from which the company received, payments in the current or any of the past three fiscal years that exceed 5% of the recipient's gross revenue for that year or $200,000, whichever is greater (subject to certain exemptions);

&nbsp;&nbsp;&nbsp;&nbsp;· the director or a family member of the director is employed as an executive officer of an entity where, at any time during the past three (3) years, any of the executive officers of the company served on the compensation committee of such other entity; or

&nbsp;&nbsp;&nbsp;&nbsp;· the director or a family member of the director is a current partner of the company's outside auditor, or at any time during the past three (3) years was a partner or employee of the company's outside auditor, and who worked on the company's audit.

Under such definitions, our Board has undertaken a review of the independence of each director. Based on the information provided by each director concerning his or her background, employment, and affiliations, our Board has determined that Patrick White, Menachem (Mark) Kahn and Victor Setton are all independent directors of the Company. However, our Common Stock is not currently quoted or listed on any national exchange or interdealer quotation system with a requirement that a majority of our Board be independent and, therefore, the Company is not subject to any director independence requirements.

**Committees of the Board**

We have established an audit committee (the "Audit Committee"), a compensation committee (the "Compensation Committee") and a nominating and corporate governance committee (the "Nominating and Governance Committee"). Each such committee of the Board has or will have the composition and responsibilities described below.

**Audit Committee**

The Audit Committee assists the Board in overseeing our accounting and financial reporting processes and the audits of our financial statements. The Audit Committee's responsibilities include, among other matters: appointing, approving the compensation of, and assessing the independence of our registered public accounting firm; overseeing the work of our registered public accounting firm, including through the receipt and consideration of reports from such firm; reviewing and discussing with management and the registered public accounting firm our annual and quarterly financial statements and related disclosures; coordinating our Board's oversight of our internal control over financial reporting, disclosure controls and procedures; discussing our risk management policies; meeting independently with our internal auditing staff, if any, registered public accounting firm and management; reviewing and approving or ratifying any related person transactions; and preparing the Audit Committee report required by the SEC.

The members of our Audit Committee are Menachem (Mark) Kahn, Victor Setton, and Patrick White who serves as chairperson of this committee.

**Compensation Committee**

The Compensation Committee's responsibilities include, among other matters: reviewing and approving, or recommending for approval by the Board, the compensation of our Chief Executive Officer and our other executive officers; overseeing and administering our cash and equity incentive plans; reviewing and making recommendations to our Board with respect to director compensation; reviewing and discussing annually with management our "*Compensation Discussion and Analysis*," to the extent required; reviewing and discussing the voting recommendations of our stockholders on matters involving executive compensation, to the extent required; and preparing the annual Compensation Committee report required by SEC rules, to the extent required.

The members of our Compensation Committee are Patrick White and Menachem (Mark) Kahn, who serves as chairperson of this committee.

Nominating and Governance Committee

The Nominating and Governance Committee's responsibilities include, among other matters: identifying individuals qualified to become Board members; recommending to our Board the persons to be nominated for election as directors and to each Board committee; developing and recommending to our Board corporate governance guidelines, and reviewing and recommending to our Board proposed changes to our corporate governance guidelines from time to time; and overseeing a periodic evaluation of our Board.

The members of our Nominating and Governance Committee are Menachem (Mark) Kahn, Jesse Sutton and Victor Setton, who serves as chairperson of this committee.

Family Relationships

There are no family relationships among any of our executive officers or directors.

Risk Oversight

Our Audit Committee is responsible for overseeing our risk management process. Our Audit Committee focuses on our general risk management policies and strategy, the most significant risks facing us, and oversees the implementation of risk mitigation strategies by management. Our Board is also apprised of particular risk management matters in connection with its general oversight and approval of corporate matters and significant transactions.

Compensation Committee Interlocks and Insider Participation

None of our executive officers serves as a member of the board of directors or compensation committee (or other committee performing equivalent functions) of any entity that has one or more executive officers serving on our Board or Compensation Committee.

Code of Ethics and Business Conduct

Our Board has adopted a Code of Ethics and Business Conduct that is applicable to all of our employees, executive officers, and directors of the Company (the "Code of Conduct"). The Code of Conduct is available on our website at *www.pishposhbaby.com*. Information contained on or accessible through our website is not a part of and is not incorporated by reference into this Annual Report on Form 10-K, and the inclusion of our website address in this report is an inactive textual reference only. The nominating and governance committee of our Board will be responsible for overseeing the Code of Conduct and must approve any waivers of the Code of Conduct for employees, executive officers, and directors. We expect that any amendments to the Code of Conduct, or any waivers of its requirements, will be disclosed on our website.

Involvement in Certain Legal Proceedings

To our knowledge, none of our current directors or executive officers has, during the past ten (10) years:

&nbsp;&nbsp;&nbsp;&nbsp;· been convicted in a criminal proceeding or been subject to a pending criminal proceeding (excluding traffic violations and other minor offenses);

&nbsp;&nbsp;&nbsp;&nbsp;· had any bankruptcy petition filed by or against the business or property of the person, or of any partnership, corporation, or business association of which he was a general partner or executive officer, either at the time of the bankruptcy filing or within two (2) years prior to that time;

&nbsp;&nbsp;&nbsp;&nbsp;· been subject to any order, judgment, or decree, not subsequently reversed, suspended, or vacated, of any court of competent jurisdiction or federal or state authority, permanently or temporarily enjoining, barring, suspending or otherwise limiting, his involvement in any type of business, securities, futures, commodities, investment, banking, savings and loan, or insurance activities, or to be associated with persons engaged in any such activity;

&nbsp;&nbsp;&nbsp;&nbsp;· been found by a court of competent jurisdiction in a civil action or by the SEC or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended, or vacated;

&nbsp;&nbsp;&nbsp;&nbsp;· been the subject of, or a party to, any federal or state judicial or administrative order, judgment, decree, or finding, not subsequently reversed, suspended or vacated (not including any settlement of a civil proceeding among private litigants), relating to an alleged violation of any federal or state securities or commodities law or regulation, any law or regulation respecting financial institutions or insurance companies including, but not limited to, a temporary or permanent injunction, order of disgorgement or restitution, civil money penalty or temporary or permanent cease-and-desist order, or removal or prohibition order, or any law or regulation prohibiting mail or wire fraud or fraud in connection with any business entity; or

&nbsp;&nbsp;&nbsp;&nbsp;· been the subject of, or a party to, any sanction or order, not subsequently reversed, suspended, or vacated, of any self-regulatory organization (as defined in Section 3(a)(26) of the Exchange Act), any registered entity (as defined in Section 1(a)(29) of the Commodity Exchange Act), or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons associated with a member.

**ITEM 11. EXECUTIVE AND DIRECTOR COMPENSATION**

The following is a discussion and analysis of the compensation arrangements for our named executive officers. We are currently considered a "smaller reporting company" for purposes of the SEC's executive compensation disclosure rules. In accordance with such rules, we are providing a Summary Compensation Table and an Outstanding Equity Awards at Fiscal Year-End Table as well as narrative disclosures regarding our executive compensation program. For 2022, our named executive officers were Jesse Sutton (Chief Executive Officer), Charlie Birnbaum (Chief Operating Officer) and Eric Sherb (Chief Financial Officer).

Summary Compensation Table

The following table sets forth information with respect to compensation earned by our named executive officers for the fiscal years ended December 31, 2022 and 2021, as applicable.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Name and Principal <br>Position | Year<sup>(1)</sup> | **Salary**<br>($) | **Bonus**<br>($) | Stock <br> Awards<br> ($) | Option <br>Awards<br> ($) | **Non-Equity <br> Incentive Plan <br> Compensation**<br>($) | All Other<br> Compensation<br>($) |  | Total |
| Dov Kurlander,  | 2022 | 0 | 0 | 0 | 0 | 0 | 1450000 | (2) | 1450000 |
| *Former Chief Executive Officer*<br>| 2021 | 0 | 0 | 0 | 0 | 0 | 250000 |  | 250000 |
| Jesse Sutton, *Chief Executive Officer* | 2022 | 173077 | 0 | 0 | 0 | 0 | 0 |  | 173077 |
| Chaim (Charlie) | 2022 | 218627 | 20000 | 0 | 0 | 0 | 32476 |  | 271103 |
| Birnbaum*, Chief Operating Officer* | 2021 | 200000 | 0 | 0 | 0 | 0 | 29955 |  | 229955 |
| Eric Sherb, | 2022 | 23350 | 0 | 0 | 0 | 0 | 0 |  | 23350 |
| *Chief Financial Officer*<br>| 2021 | 0 | 0 | 0 | 0 | 0 | 0 |  | 0 |
| Alon Benishai (a.k.a. Allan Ben), | 2022 | 0 | 0 | 0 | 0 | 0 | 0 |  | 0 |
| *Chief Merchandising Officer*<br>| 2021 | 0 | 0 | 0 | 0 | 0 | 0 |  | 0 |

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(1) Mr. Kurlander was replaced as Chief Executive Officer of the Company by Mr. Sutton on January 12, 2022. Mr. Sutton served as Chief Executive Officer of the Company from January 12, 2022 until January 17, 2023, at which time he was replaced by Chaim (Charlie) Birnbaum. Prior to serving as Chief Executive Officer of the Company, Mr. Birnbaum served as Chief Operating Officer of the Company (including its predecessor, Pish Posh Baby LLC) from November 23, 2021 until January 17, 2023.

(2) On August 23, 2022, the Company issued Mr. Kurlander a Convertible Promissory Note in the principal amount of $950,000 pursuant to services performed in the prior year (the "Kurlander Note"). In addition, Mr. Kurlander was also paid $500,000 in cash for services performed in the prior year.

Employment Agreements with Officers and Directors

**Chaim (Charlie) Birnbaum**

. We entered into an Employment Agreement with Chaim (Charlie) Birnbaum, dated as of November 23, 2021, as amended by that certain Amendment No. 1, dated January 18, 2023, (as amended, the "Birnbaum Employment Agreement"). Mr. Birnbaum was initially employed to serve as our Chief Operating Officer for an initial term of three (3) years. In accordance with Amendment No. 1 to his Employment Agreement, Mr. Birnbaum resigned as Chief Operating Officer and was appointed as the Company's Chief Executive Officer effective as of January 18, 2023. Per the terms of the Birnbaum Employment Agreement, Mr. Birnbaum had a base salary of $200,000 for 2021 and $225,000 for 2022, and is entitled to a base salary of $250,000 for 2023, subject to required withholdings, payable in accordance with the Company's normal payroll procedures. Mr. Birnbaum is also entitled to receive an annual cash bonus in the amount to be determined by the Board based on the Company's performance. To the extent practicable, the Company shall pay the premiums of a life insurance policy, providing coverage in the amount of $1 million payable to a beneficiary chosen by Mr. Birnbaum, which insures the life of Mr. Birnbaum. In addition, during the term of his employment, Mr. Birnbaum receives a monthly automobile allowance in the amount of $700 per month. Mr. Birnbaum is also entitled to participate in any and all bonus or other compensation programs, equity incentive plans, health insurance plans, pension, savings and retirement plans, welfare and insurance plans, practices, policies and programs adopted by the Company and applicable generally to senior executives of the Company.

If Mr. Birnbaum's employment with the Company is terminated by the Company for Cause (as defined in the Birnbaum Employment Agreement) or by Mr. Birnbaum without Good Reason (as defined in the Birnbaum Employment Agreement), the Company shall pay or provide to Mr. Birnbaum the following amounts through the applicable termination date: (i) any earned but unpaid Base Salary, (ii) unpaid expense reimbursements, and (iii) any earned but unpaid Annual Bonus (the "Birnbaum Accrued Obligations"). If his employment is terminated due to his death, the Company shall his authorized representative or estate (i) the Birnbaum Accrued Obligations earned up through the termination date, (ii) a pro-rata portion of his annual bonus, if any, for the fiscal year in which the termination occurs, (iii) any and all previously granted outstanding equity incentive awards shall vest subject to time-based vesting criteria as if he continued to provide services for the Company for twelve (12) months following the termination date, and (iv) subject to the Mr. Birnbaum's or his eligible dependents' timely election of continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended ("COBRA"), and subject to the other terms set forth in the Birnbaum Employment Agreement, the Company shall reimburse Mr. Birnbaum or his eligible dependents the monthly premium payable to continue his and his eligible dependents' participation in the Company's group health plan (to the extent permitted under applicable law and the terms of such plan) which covers him (and his eligible dependents) for a period of eighteen (18) months.

If Mr. Birnbaum's employment is terminated due to Disability (as defined in the Birnbaum Employment Agreement), by the Company without Cause, or by Mr. Birnbaum with Good Reason, then Mr. Birnbaum shall be entitled to receive: (i) the Birnbaum Accrued Obligations earned up through the termination date, (ii) severance in a lump sum installment amount equal to the base salary in effect on the termination date, payable in twelve monthly installments for each month following the termination date, (iii) retention of all of the health insurance, life insurance, automobile allowance and pension, savings and retirement plans, welfare and insurance plans benefits, (iv) any and all previously granted outstanding equity incentive awards shall vest subject to time-based vesting criteria as if he continued to provide services for the Company, and (v) subject to Mr. Birnbaum's or his eligible dependents' timely election of continuation coverage under COBRA, and subject to the other terms set forth in the Birnbaum Employment Agreement, the Company shall reimburse Mr. Birnbaum or his eligible dependents the monthly premium payable to continue his and his eligible dependents' participation in the Company's group health plan (to the extent permitted under applicable law and the terms of such plan) which covers him (and his eligible dependents) for a period of eighteen (18) months.

In the event Mr. Birnbaum's employment is terminated due to Disability, in addition to the aforementioned awards, Mr. Birnbaum shall be entitled to receive a continuation of the base salary in effect on the termination date until the earlier of (a) the 12 month anniversary of the termination date, and (b) the date Mr. Birnbaum is eligible to commence receiving payments under the Company's long-term disability policy. If the net compensation from the base salary is greater than the net compensation from the long term disability policy, the Company, through the 12 month anniversary of the termination date will compensate Mr. Birnbaum's estate the difference in net compensation.

**Eric Sherb**

. We entered into an offer letter with Eric Sherb, dated August 25, 2022, pursuant to which Mr. Sherb shall serve as our full-time Chief Financial Officer. In consideration for such services, Mr. Sherb shall receive base salary of $125,000 per year, payable on the Company's regular payroll dates, less applicable withholding deductions. In addition, he will be granted an option to purchase 28,000 shares of Common Stock at an exercise price of $1.25 per share, which will vest as follows: 25% of the option shares shall vest after 12 months of continuous service beginning on August 29, 2022, and the balance will vest in quarterly installments over the next 36 months of continuous service, as described in the applicable stock option agreement. The options will be subject to the terms and conditions applicable to options granted under Company's 2022 Equity Incentive Plan, as described in such plan and the applicable stock option agreement.

**Jesse Sutton**

. We entered into an Employment Agreement with Jesse Sutton, dated as of January 12, 2022, as amended by that certain Amendment No. 1 to the Employment Agreement, dated as of December 20, 2022, and that certain Amendment No. 2 to the Employment Agreement, dated January 18, 2023 (as amended, the "Sutton Employment Agreement"). Mr. Sutton was initially employed as our Chief Executive Officer for an initial term of two (2) years. In accordance with Amendment No. 2 to his Employment Agreement, Mr. Sutton stepped down as Chief Executive Officer and was employed as the Chairman of the Company, effective as of January 18, 2023. Pursuant to the terms of the Sutton Employment Agreement, Mr. Sutton is entitled to an annual base salary of $180,000, subject to required withholdings, payable in accordance with the Company's normal payroll procedures. Per the terms of the Sutton Employment Agreement, in the event the Company becomes a publicly traded company (a "Going Public Event"), Mr. Sutton's base compensation will be increased to $240,000 annually and he shall receive a $25,000 bonus. Mr. Sutton is also entitled to receive an annual performance bonus in the amount to be determined by the Board based on the Company's performance. In addition, upon the closing of a capital raise of equity of at least $5 million, with a minimum pre-money valuation of the Company of at least $35 million, Mr. Sutton shall receive a bonus of $100,000 in cash and an equity grant equal to one percent (1%) of the equity of the Company pre-closing of such raise. Such equity will be granted as options, RSUs, or other agreements as determined by the Board and Mr. Sutton. Mr. Sutton is entitled to four (4) weeks of vacation and five (5) additional days of paid time off in accordance with the Company's policy, as in effect from time to time.

Per the terms of the Sutton Employment Agreement, upon the Company's adoption of an equity incentive plan, Mr. Sutton shall be entitled to an award of restricted stock units ("RSUs") that represent, in the aggregate five percent (5%) of the Company's issued and outstanding Common Stock at a $6 million valuation determined on a fully diluted basis as of the date of grant. The RSUs shall be subject to the terms and conditions of the Company's employee stock option plan and of the applicable award agreement that shall provide, among other things, that (i) one-third of the RSUs vest on January 2, 2023, (ii) one-third of the RSUs shall vest on the later of January 2, 2023 or the Going Public Event, provided that Mr. Sutton's employment is not terminated by the Company for cause (as defined in the Sutton Employment Agreement prior to the Going Public Event), and (iii) one-third of the RSUs shall vest on the later of January 2, 2023 or the first anniversary of the Going Public Event, provided that Mr. Sutton's employment is not terminated by the Company for cause (as defined in the Sutton Employment Agreement prior to the first anniversary of the Going Public Event); provided, that, in any case, (x) all unvested RSUs shall immediately vest upon a change in control (as defined in the stock option plan), and (y) all vested RSUs shall be converted into shares of Common Stock on the first to occur of the following: (1) a change of control (as defined in the stock option plan), and (2) termination of Mr. Sutton's employment for any reason other than the Company for cause.

Upon the termination of Mr. Sutton's employment, the Company shall pay Mr. Sutton (i) any unpaid base salary accrued through the date of termination, (ii) any accrued and unpaid paid time off or similar pay to which he is entitled as a matter of law or the Company policy, (iii) any amounts due to Mr. Sutton under the terms of the Company's benefit plans, and (iv) any unreimbursed expenses properly incurred prior to the date of termination (collectively, the "Sutton Accrued Obligations"). In the event Mr. Sutton resigns without Good Reason (as defined in the Sutton Employment Agreement), the Company terminates for Cause (as defined in the Sutton Employment Agreement), or Mr. Sutton resigns without Good Reason, the Company shall have no further obligation to Mr. Sutton other than payment of the Sutton Accrued Obligations. In the event Mr. Sutton's employment is terminated by the Company without Cause or by Mr. Sutton for Good Reason, Mr. Sutton shall be entitled to receive, subject to the terms of the Sutton Employment Agreement, (i) severance pay in an aggregate amount equal to Mr. Sutton's base salary for six (6) months, less applicable payroll deductions and tax withholdings, payable in accordance with normal payroll policies of the Company over a six (6) month period, plus (ii) the annual performance bonus, if any, for the year of his termination, subject to achievement of the performance metrics for such year and payable on the date such bonus would have been paid had Mr. Sutton remained employed.

**Alon Benishai (a.k.a. Allan Ben)**

. We entered into an Employment Agreement, dated as of April 30, 2021, with Alon Benishai (a.k.a. Allan Ben) (the "Benishai Employment Agreement") to serve as our Chief Executive Officer. Mr. Benishai stepped down as Chief Executive Officer and assumed the role of Chief Merchandising Officer in December 2021, pursuant to the same terms as the Benishai Employment Agreement. Pursuant to the terms of the Benishai Employment Agreement, Mr. Benishai shall not receive any cash compensation, but received an equity grant of 900,507 shares of our Common Stock and is entitled to receive the an additional equity grant equal to two percent (2%) of the total outstanding shares of the Company as of December 31, 2023 in the event Mr. Benishai is still employed as Chief Merchandising Officer of the Company on December 31, 2023 and if, during the 2023 calendar year, the Company has $50,000,000 in gross revenue.

Executive Compensation Components

2022 Salaries

The named executive officers receive a base salary to provide a fixed component of compensation reflecting the executive's skill set, experience, role and responsibilities. For 2022, our Board approved an annual base salary for each of our named executive officers as follows:

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| | |
|:---|:---|
| **Named Executive Officer**<br>| **Annual<br>Base Salary** |
| Chaim (Charlie) Birnbaum | $225000 |
| Jesse Sutton | $180000 |
| Eric Sherb | $125000 |
| Alon Benishai (Allan Ben) | $0 |

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Equity Compensation

In connection with the February 2022 Offering, PishPosh, Inc. sold an aggregate of 1,440,811 shares of Common Stock at a price of $0.00001 per share pursuant to the terms of certain Subscription Agreements entered into with certain subscribers which include Dov Kurlander, who purchased 899,306 shares of our Common Stock, and Chaim (Charlie) Birnbaum, who purchased 165,093 shares of Common Stock. In addition, at the same time as the issuance of shares pursuant to such Subscription Agreements, Alon Benishai (a.k.a. Allan Ben) was issued 900,507 shares in accordance with the terms of the Benishai Employment Agreement with Pish Posh Baby, dated April 30, 2021.

Other Elements of Compensation

Per the terms of the Birnbaum Employment Agreement, Chaim (Charlie) Birnbaum receives a monthly automobile allowance in the amount of $700 per month and is entitled to participate in any and all bonus or other compensation programs, equity incentive plans, health insurance plans, pension, savings and retirement plans, welfare and insurance plans, practices, policies and programs adopted by the Company. During 2022, the Company paid $24,120 for health insurance coverage for Mr. Birnbaum.

Outstanding Equity Awards at Fiscal Year-End

As of December 31, 2022, none of our named executive officers held stock option awards.

2022 Equity Incentive Plan

Overview

On September 1, 2022, the Board adopted the 2022 Equity Incentive Plan (the "2022 Equity Incentive Plan"). The 2022 Equity Incentive Plan governs equity awards to our employees, directors, officers, consultants, and other eligible participants. Under the 2022 Equity Incentive Plan there are 350,000 shares of Common Stock reserved for issuance.

The purpose of 2022 Equity Incentive Plan is to attract and retain the best available personnel for positions of substantial responsibility, to provide additional incentive to employees, directors and consultants, and to promote the success of the Company's business. The administrator of the 2022 Equity Incentive Plan may, in its sole discretion, amend, alter, suspend, or terminate the 2022 Equity Incentive Plan, or any part thereof, at any time and for any reason. The Company will obtain stockholder approval of any Plan amendment to the extent necessary and desirable to comply with legal and regulatory requirements relating to the administration of equity-based awards. Unless earlier terminated by the administrator, the 2022 Equity Incentive Plan will terminate ten years from the date it is adopted by our Board.

Summary of the 2022 Equity Incentive Plan

The following is a summary of the principal features of the 2022 Equity Incentive Plan. This summary does not purport to be a complete description of all of the provisions of the 2022 Equity Incentive Plan and it is qualified in its entirety by reference to the full text of the 2022 Equity Incentive Plan, a copy of which is annexed as an exhibit to this report.

Eligibility and Administration

Employees, consultants and directors of the Company and its subsidiaries may be eligible to receive awards under the 2022 Equity Incentive Plan. Following the Closing, the Company is expected to have approximately 5 employees, 5 non-employee directors and no other individual service providers who may be eligible to receive awards under the 2022 Equity Incentive Plan.

Awards

The 2022 Equity Incentive Plan provides for the grant of ISOs within the meaning of Section 422 of the Internal Revenue Code (the "Code") to employees, including employees of any parent or subsidiary, and for the grant of nonstatutory stock options ("NSOs"), stock appreciation rights ("SARs"), Restricted Stock Awards, Restricted Stock Unit ("RSU") awards, Performance Awards and other forms of awards to employees, directors and consultants, including employees and consultants of our affiliates.

Authorized Shares

Initially, the maximum number of shares of Common Stock that may be issued under the 2022 Equity Incentive Plan after it becomes effective will not exceed 350,000 shares of Common Stock.

Shares subject to stock awards granted under the Plan that expire or terminate without being exercised in full or that are paid out in cash rather than in shares do not reduce the number of shares available for issuance under our Plan. Shares withheld under a stock award to satisfy the exercise, strike or purchase price of a stock award or to satisfy a tax withholding obligation do not reduce the number of shares available for issuance under our Plan. If any shares of our Common Stock issued pursuant to a stock award are forfeited back to or repurchased or reacquired by us (i) because of a failure to meet a contingency or condition required for the vesting of such shares, (ii) to satisfy the exercise, strike or purchase price of an award or (iii) to a tax withholding obligation in connection with an award, the shares that are forfeited or repurchased or satisfy reacquired will revert to and again become available for issuance under the Plan. Any shares previously issued which are reacquired in satisfaction of tax withholding obligations or as consideration for the exercise or purchase price of a stock award will again become available for issuance under the Plan.

Plan Administration

Our Board, or, if assigned authority by the Board, the Compensation Committee of the Board will have the authority to administer the Plan, unless and until the Board delegates some or all of the administration of the Plan to a different Committee or Committees of the Board. The Compensation Committee may delegate to one or more of our officers the authority to (i) designate employees (other than officers) to receive specified stock awards and (ii) determine the number of shares subject to such stock awards. The Compensation Committee will have the power, subject to, and within the limitations of, the express provisions of the Plan to determine from time to time (1) which of the persons eligible under the Plan will be granted Awards; (2) when and how each Award will be granted; (3) what type or combination of types of Award will be granted; (4) the provisions of each Award granted (which need not be identical), including the time or times when a person will be permitted to receive an issuance of Common Stock or other payment pursuant to an Award; (5) the number of shares of Common Stock or cash equivalent with respect to which an Award will be granted to each such person; and (6) the Fair Market Value applicable to an Award. The Compensation Committee will also be granted with the power to construe and interpret the Plan and Awards granted under it, correct any deficiencies or omissions in the Plan to make the Plan or Award fully effective, to settle all controversies regarding the Plan and any Award, to accelerate the time at which an Award may first be exercised or the time during which an Award will vest, to prohibit the exercise of any Option, SAR or exercisable award for administrative convenience, to approve forms of Award Agreements under the Plan, and to exercise such powers and to perform such acts as the Compensation Committee deems necessary or expedient to promote the best interests of the Company.

Stock Options

ISOs and NSOs are granted under stock option agreements in a form approved by the Compensation Committee. The Compensation Committee determines the exercise price for stock options, within the terms and conditions of the Plan, provided that the exercise price of a stock option generally cannot be less than 100% of the fair market value of our Common Stock on the date of grant. Options granted under the Plan vest at the rate specified in the stock option agreement as determined by the Compensation Committee.

The Compensation Committee determines the term of stock options granted under the Plan, up to a maximum of 10 years. Unless the terms of an option holder's stock option agreement, or other written agreement between us and the recipient approved by the Compensation Committee, provide otherwise, if an option holder's service relationship with us or any of our affiliates ceases for any reason other than disability, death or Cause (as defined in the Plan), the option holder may generally exercise any vested options for a period of three months following the cessation of service. If an option holder's service relationship with us or any of our affiliates ceases due to death, or an option holder dies within a certain period following cessation of service, the option holder or a beneficiary may generally exercise any vested options for a period of 18 months following the date of death. If an option holder's service relationship with us or any of our affiliates ceases due to disability, the option holder may generally exercise any vested options for a period of 12 months following the cessation of service. In the event of a termination for cause, options generally terminate upon the termination date. In no event may an option be exercised beyond the expiration of its term.

Acceptable consideration for the purchase of Common Stock issued upon the exercise of a stock option will be determined by the Compensation Committee and may include (i) cash, check, bank draft or money order, (ii) a broker-assisted cashless exercise, (iii) the tender of shares of our Common Stock previously owned by the option holder, (iv) a net exercise of the option if it is an NSO or (v) other legal consideration approved by the Board.

Unless the Compensation Committee provides otherwise, options or stock appreciation rights generally are not transferable except by will or the laws of descent and distribution. Subject to approval of the Compensation Committee or a duly authorized officer, an option may be transferred pursuant to a domestic relations order, official marital settlement agreement or other divorce or separation instrument.

Tax Limitations on ISOs

The aggregate fair market value, determined at the time of grant, of our Common Stock with respect to ISOs that are exercisable for the first time by an award holder during any calendar year under all of our stock plans may not exceed $100,000. Options or portions thereof that exceed such limit will generally be treated as NSOs. No ISO may be granted to any person who, at the time of the grant, owns or is deemed to own stock possessing more than 10% of our total combined voting power or that of any of our parent or subsidiary corporations unless (i) the option exercise price is at least 110% of the fair market value of the stock subject to the option on the date of grant and (ii) the term of the ISO does not exceed five years from the date of grant.

Restricted Stock Unit Awards

Restricted stock unit awards are granted under restricted stock unit award agreements in a form approved by the Compensation Committee. Restricted stock unit awards may be granted in consideration for any form of legal consideration that may be acceptable to our board of directors and permissible under applicable law. A restricted stock unit award may be settled by cash, delivery of stock, a combination of cash and stock as deemed appropriate by the Compensation Committee or in any other form of consideration set forth in the restricted stock unit award agreement. Additionally, dividend equivalents may be credited in respect of shares covered by a restricted stock unit award. Except as otherwise provided in the applicable award agreement, or other written agreement between us and the recipient approved by the Compensation Committee, restricted stock unit awards that have not vested will be forfeited once the participant's continuous service ends for any reason.

Restricted Stock Awards

Restricted stock awards are granted under restricted stock award agreements in a form approved by the Compensation Committee. A restricted stock award may be awarded in consideration for cash, check, bank draft or money order, past or future services to us or any other form of legal consideration that may be acceptable to our board of directors and permissible under applicable law. The Compensation Committee determines the terms and conditions of restricted stock awards, including vesting and forfeiture terms. If a participant's service relationship with us ends for any reason, we may receive any or all of the shares of Common Stock held by the participant that have not vested as of the date the participant terminates service with us through a forfeiture condition or a repurchase right.

Stock Appreciation Rights

Stock appreciation rights are granted under stock appreciation right agreements in a form approved by the Compensation Committee. The Compensation Committee determines the strike price for a stock appreciation right, which generally cannot be less than 100% of the fair market value of our Common Stock on the date of grant. A stock appreciation right granted under the Plan vests at the rate specified in the stock appreciation right agreement as determined by the Compensation Committee. Stock appreciation rights may be settled in cash or shares of Common Stock or in any other form of payment as determined by the Board and specified in the stock appreciation right agreement.

The Compensation Committee determines the term of stock appreciation rights granted under the Plan, up to a maximum of 10 years. If a participant's service relationship with us or any of our affiliates ceases for any reason other than cause, disability or death, the participant may generally exercise any vested stock appreciation right for a period of three months following the cessation of service. This period may be further extended in the event that exercise of the stock appreciation right following such a termination of service is prohibited by applicable securities laws. If a participant's service relationship with us, or any of our affiliates, ceases due to disability or death, or a participant dies within a certain period following cessation of service, the participant or a beneficiary may generally exercise any vested stock appreciation right for a period of 12 months in the event of disability and 18 months in the event of death. In the event of a termination for cause, stock appreciation rights generally terminate immediately upon the occurrence of the event giving rise to the termination of the individual for cause. In no event may a stock appreciation right be exercised beyond the expiration of its term.

Performance Awards

The Plan permits the grant of performance awards that may be settled in stock, cash or other property. Performance awards may be structured so that the stock or cash will be issued or paid only following the achievement of certain pre-established performance goals during a designated performance period. Performance awards that are settled in cash or other property are not required to be valued in whole or in part by reference to, or otherwise based on, the Common Stock.

The performance goals may be based on any measure of performance selected by the board of directors or the Compensation Committee. The performance goals may be based on company-wide performance or performance of one or more business units, divisions, affiliates or business segments, and may be either absolute or relative to the performance of one or more comparable companies or the performance of one or more relevant indices.

Other Stock Awards

The Compensation Committee may grant other awards based in whole or in part by reference to our Common Stock. The Compensation Committee will set the number of shares under the stock award (or cash equivalent) and all other terms and conditions of such awards.

Non-Employee Director Compensation Limit

The aggregate value of all compensation granted or paid to any non-employee director with respect to any calendar year, including awards granted and cash fees paid by us to such non-employee director, will not exceed $100,000 in total value.

Changes to Capital Structure

In the event there is a specified type of change in our capital structure, such as a stock split, reverse stock split or recapitalization, appropriate adjustments will be made to (i) the class and maximum number of shares reserved for issuance under the Plan, (ii) the class and maximum number of shares by which the share reserve may increase automatically each year, (iii) the class and maximum number of shares that may be issued on the exercise of ISOs and (iv) the class and number of shares and exercise price, strike price or purchase price, if applicable, of all outstanding stock awards.

Corporate Transactions

The following applies to stock awards under the Plan in the event of a corporate transaction (as defined in the Plan), unless otherwise provided in a participant's stock award agreement or other written agreement with us or one of our affiliates or unless otherwise expressly provided by the Compensation Committee at the time of grant.

In the event of a corporate transaction, any stock awards outstanding under the Plan may be assumed, continued or substituted for by any surviving or acquiring corporation (or its parent company), and any reacquisition or repurchase rights held by us with respect to the stock award may be assigned to the successor (or its parent company). If the surviving or acquiring corporation (or its parent company) does not assume, continue or substitute for such stock awards, then (i) with respect to any such stock awards that are held by participants whose continuous service has not terminated prior to the effective time of the corporate transaction, or current participants, the vesting (and exercisability, if applicable) of such stock awards will be accelerated in full to a date prior to the effective time of the corporate transaction (contingent upon the effectiveness of the corporate transaction), and such stock awards will terminate if not exercised (if applicable) at or prior to the effective time of the corporate transaction, and any reacquisition or repurchase rights held by us with respect to such stock awards will lapse (contingent upon the effectiveness of the corporate transaction), and (ii) any such stock awards that are held by persons other than current participants will terminate if not exercised (if applicable) prior to the effective time of the corporate transaction, except that any reacquisition or repurchase rights held by us with respect to such stock awards will not terminate and may continue to be exercised notwithstanding the corporate transaction.

In the event a stock award will terminate if not exercised prior to the effective time of a corporate transaction, the board of directors may provide, in its sole discretion, that the holder of such stock award may not exercise such stock award but instead will receive a payment equal in value to the excess (if any) of (i) the per share amount payable to holders of Common Stock in connection with the corporate transaction over (ii) any per share exercise price payable by such holder, if applicable. In addition, any escrow, holdback, earn out or similar provisions in the definitive agreement for the corporate transaction may apply to such payment to the same extent and in the same manner as such provisions apply to the holders of Common Stock.

Plan Amendment or Termination

Our board of directors has the authority to amend, suspend or terminate our Plan, provided that such action does not materially impair the existing rights of any participant without such participant's written consent. Certain material amendments also require the approval of our stockholders. No ISOs may be granted after the tenth anniversary of the date our board of directors adopts our Plan. No stock awards may be granted under our Plan while it is suspended or after it is terminated.

Director Compensation

The Company did not compensate its directors for the fiscal years ended December 31, 2022 and 2021. Beginning the fiscal year 2023, the Company intends on compensating its directors through a combination of cash and equity awards.

**ITEM 12.

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

The following table sets forth information about the beneficial ownership of our capital stock by (i) each of our current directors, (ii) each of our named executive officers (iii) all our current directors and executive officers as a group, and (iv) each person or group known by us to own more than 5% of our Common Stock. The percentages reflect beneficial ownership, as determined in accordance with the SEC's rules, as of March 28, 2023, and are based on 4,939,345 shares of Common Stock outstanding. Except as noted below, the address for all beneficial owners in the table below is c/o PishPosh, Inc., 1915 Swarthmore Avenue, Lakewood, New Jersey 08701.

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| | | | |
|:---|:---|:---|:---|
|  | **Amount and Nature<br>of<br>Beneficial<br>Ownership<sup>(1)</sup>** | **Amount and Nature<br>of<br>Beneficial<br>Ownership<sup>(1)</sup>** | **% of <br>Total<br>Voting<br>Power** |
|  | **Common<br>Stock** | **%** |  |
| **Name and Address of Beneficial Owner**<br>|  |  |  |
| **Holders of More than 5%**<br>|  |  |  |
| Dov Kurlander (2)<br>601 Browner Ave.<br>Toms River, NJ 08755 | 1149306 | 23.27% (2)<br>| 23.27%<br>|
| Alon Benishai (a.k.a. Allan Ben)<br>1918 Ave. O<br>Brooklyn, NY 11230 | 900507 | 18.23%<br>| 18.23%<br>|
| Alpha Capital Anstalt<br>Altenbach 8, 9490<br>Vaduz, Principality of Liechtenstein | 316636 | 9.99% (3)<br>| 9.99%<br>|
| Palladium Holdings LLC<br>152 West 57<sup>th</sup> St., 22<sup>nd</sup> Fl.<br>New York, NY 10019 | 257813 | 5.22% (4)<br>| 5.22%<br>|
| The Hewlett Fund LP<br>100 Merrick Road, Suite 400w<br>Rockville Centre, NY 11570 | 400000 | 8.10% (5)<br>| 8.10%<br>|
| L1 Capital Global Opportunities Master Fund<br>161A Shedden Road, 1 Artillery Court, PO Box 10085<br>Grand Cayman KY1-1001, Cayman Islands | 362933 | 9.99% (6)<br>| 9.99%<br>|
| **Directors and Executive Officers**<br>|  |  |  |
| Chaim (Charlie) Birnbaum | 165093 | 3.34%<br>| 3.34%<br>|
| Eric Sherb | 0 | 0%<br>| 0%<br>|
| Alon Benishai (a.k.a. Allan Ben) | 900507 | 18.23%<br>| 18.23%<br>|
| Jesse Sutton | 0 | 0%<br>| 0%<br>|
| Menachem (Mark) Kahn | 60034 | 1.22%<br>| 1.22%<br>|
| Patrick White | 0 | 0%<br>| 0%<br>|
| Victor Setton | 0 | 0%<br>| 0%<br>|
| **All directors and executive officers as a group (7 persons)**<br>| 1125634 | 22.79%<br>| 22.79%<br>|

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(1) Beneficial ownership of shares and percentage ownership are determined in accordance with the SEC's rules. In calculating the number of shares beneficially owned by an individual or entity and the percentage ownership of that individual or entity, shares underlying options, warrants or restricted stock units held by that individual or entity that are either currently exercisable or exercisable within 60 days from the date hereof are deemed outstanding. These shares, however, are not deemed outstanding for the purpose of computing the percentage ownership of any other individual or entity. Unless otherwise indicated and subject to community property laws where applicable, the individuals and entities named in the table above have sole voting and investment power with respect to all shares of our Common Stock shown as beneficially owned by them.

(2) Mr. Kurlander also holds (i) a warrant to purchase up to 250,000 shares of Common Stock pursuant to a Common Stock Purchase Warrant, dated as of March 1, 2022, between the Company and Dov Kurlander (the "Kurlander Warrant"), and (ii) a convertible promissory note, dated August 23, 2022, issued by the Company in the principal amount of $950,000 (the "Kurlander Note"). The Kurlander Warrant is exercisable for a period of five (5) years from the date that the Company's Common Stock is listed on a trading market, at an exercise price of $1.00 per share. However, pursuant to the terms of the Kurlander Warrant, Mr. Kurlander shall not have the right to exercise any portion of the Kurlander Warrant as his current beneficial ownership exceeds the Beneficial Ownership Limitation of 4.99%. The terms of the Kurlander Note provide that Mr. Kurlander shall be entitled, at his election, to convert all or any portion of the outstanding principal amount and accrued but unpaid interest under the Kurlander Note into validly issued, fully paid and non-assessable shares of Common Stock at a price equal to an amount that is 110% of the price at which the Company consummates its initial public offering of its Common Stock on the effective date of this registration statement. However, pursuant to the terms of the Kurlander Note, Mr. Kurlander shall not have the right to exercise any portion of the Kurlander Note as his current beneficial ownership exceeds the Beneficial Ownership Limitation.

(3) Each of Nicola Feuerstein, Konrad Ackermann and Lucas Mair, in the capacities as directors of Alpha Capital Anstalt, have voting and dispositive control over the shares held by Alpha Capital Anstalt. Alpha Capital Anstalt also holds (i) 1,215.30 shares of Series A Preferred Common Stock, convertible into 1,215,300 shares of Common Stock, for which it and each of Ms. Feuerstein, Mr. Ackermann and Mr. Mair disclaims beneficial ownership due to the 9.99% Beneficial Ownership Limitation, and (ii) a warrant to purchase 1,270,000 shares of Common Stock pursuant to a Common Stock Purchase Warrant, dated as of March 1, 2022, for which it and each of Ms. Feuerstein, Mr. Ackermann and Mr. Mair disclaims beneficial ownership due to the 4.99% Beneficial Ownership Limitation.

(4) Joel Padowitz, in his capacity as Managing Member of Palladium Holdings, LLC, holds voting and dispositive control over the shares held by Palladium Holdings, LLC. Palladium Holdings, LLC also holds a warrant to purchase 240,135 shares of Common Stock, pursuant to a Common Stock Purchase Warrant, dated as of March 1, 2022, for which it and Mr. Padowitz disclaims beneficial ownership due to the 4.99% Beneficial Ownership Limitation.

(5) Martin Chopp holds voting and dispositive control over the shares held by The Hewlett Fund LP. The Hewlett Fund GP also holds a warrant to purchase 400,000 shares of Common Stock, pursuant to a Common Stock Purchase Warrant, dated as of March 1, 2022, for which it and Mr. Chopp disclaims beneficial ownership due to the 4.99% Beneficial Ownership Limitation.

(6) David Feldman holds voting and dispositive control over the shares held by L1 Capital Global Opportunities Master Fund. L1 Capital Global Opportunities Master Fund also has (i) 537.07 shares of Series A Preferred Common Stock, convertible into 537,070 shares of Common Stock, for which it and Mr. Feldman disclaims beneficial ownership up to the 9.99% Beneficial Ownership Limitation, and (ii) a warrant to purchase 900,000 shares of Common Stock pursuant to a Common Stock Purchase Warrant, dated as of March 1, 2022, for which it and Mr. Feldman disclaims beneficial ownership due to the 4.99% Beneficial Ownership Limitation.

**ITEM 13. CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS, AND DIRECTOR INDEPENDENCE**

During the period beginning on January 1, 2022, to the date of this Annual Report on Form 10-K, we have entered into or participated in the following transactions with related persons:

Related Party Loans

Pish Posh Baby, LLC issued a Promissory Note in the principal amount of $1,025,000, dated November 15, 2021 (the "Hartstein Note"), to Moishe (Michael) Hartstein, the director of Investment Banking of Palladium Capital Advisors LLC (now known as Palladium Capital Group, LLC) ("Palladium"), the Company's private placement agent in the PPB Private Offering and an investor in the Company. The Hartstein Note is an original issuance discount note based on gross proceeds in the amount of $1,000,000 loaned by Mr. Hartstein to the Company, without interest, on the date of the Hartstein Note. The Hartstein Note was amended pursuant to that certain Amendment to the Promissory Note, dated December 27, 2022, pursuant to which the payment date of the Hartstein Note was extended to the earlier of March 31, 2024 or the date on which all amounts under the Hartstein Note shall become due and payable in the event of a default, pursuant to the terms described in the Hartstein Note.

In connection with the Note Closing of the PPB Private Offering, the Company entered into an Intercreditor Agreement, dated November 30, 2021, with the investors in the Note Closing and Dov Kurlander (the "Intercreditor Agreement"). The Intercreditor Agreement provides that the Company has certain debts owed to Mr. Kurlander as identified therein and in the exhibits thereto, in connection with the Company's use of Mr. Kurlander's credit cards for purchases of Company inventory and payment of Company expenses (the "Kurlander Credit Card Debt"). As of December 31, 2021 and 2020, there were net advances of $1,061,294 and $833,924, respectively, on such credit cards. Pursuant to the Intercreditor Agreement, the Notes issued in the Note Closing and the Kurlander Credit Card Debt were to be paid pari passu. Pursuant to the terms of the Securities Purchase Agreement and the Notes, the Notes automatically converted into shares of Common Stock at a conversion price of $1.00 per share and/or, subject to the Beneficial Ownership Limitation, Series A Preferred Stock and Mergeco Warrants of PishPosh, Inc. upon the Subsequent Closing of the PPB Private Offering.

On August 23, 2022, the Company issued the Kurlander Note to Dov Kurlander, the Company's former Chief Executive Officer and a holder of more than 5% of the Company's voting shares, in the principal amount of $950,000, with interest accruing thereon at a rate of 5% per annum. Pursuant to the terms of the Kurlander Note, other than the Kurlander Credit Card Debt, which as of the date of the Kurlander Note equaled $874,894, Mr. Kurlander acknowledged that the Kurlander Note represents the total outstanding balance owed to Mr. Kurlander by the Company in connection with outstanding liabilities due and payable to Mr. Kurlander. Mr. Kurlander further acknowledged in the Kurlander Note that an aggregate of $750,000 has been paid as of the issuance date of the Kurlander Note of which (i) $500,000 was paid in cash and (ii) $250,000.00 in the form of securities. As of March 28, 2023, an aggregate amount of $965,486 remains outstanding under the Kurlander Note, consisting of $950,000 of principal and $15,486 of accrued and unpaid interest. The balance of the Kurlander Note shall be payable to Mr. Kurlander in accordance with an amortization schedule attached thereto, pursuant to which the date of the final payment in the aggregate amount of the entire unpaid principal amount thereof, together with all accrued and unpaid interest thereon (i.e., the maturity date), is May 15, 2023.

On January 25, 2023, the Company issued three unsecured original issue discount promissory notes to Alpha Capital Anstalt, The Hewlett Fund LP and L1 Capital Global Opportunities Master Fund, in the principal amount of $367,500, $52,500 and $157,500, respectively (the "OID Notes"). The Company received proceeds in the aggregate amount of $550,000 in connection with the issuance of the OID Notes. No interest shall accrue on the OID Note prior to an Event of Default (as defined therein) and after Event of Default, interest shall accrue at the rate of twenty four percent (24%) per annum. The principal and all unpaid interest owed under each OID Note shall be due and payable on the earlier of (i) April 30, 2023, or (ii) three business days after the closing or abandonment of Company's initial public offering.

Security Issuances

Private Offerings

In connection with the February 2022 Offering, PishPosh, Inc. sold an aggregate of 1,440,811 shares of Common Stock at a price of $0.00001 per share pursuant to the terms of certain Subscription Agreements entered into with certain subscribers, including the following holders of more than 5% of any class of our voting shares or their affiliated entities and certain of our executive officers and directors, and issued 900,507 shares to an officer in accordance with the terms of such individual's employment agreement:

---

| | |
|:---|:---|
| Participants | Common <br>Stock |
| 5% or Greater Stockholders<sup>(1)</sup> |  |
| Dov Kurlander | 899306 |
| Alon Benishai (aka Allan Ben) | 900507 |
| Officers and Directors<sup>(2)</sup> |  |
| Dov Kurlander (former Chief Executive Officer) | 899306 |
| Alon Benishai (aka Allan Ben) | 900507 |
| Chaim (Charlie) Birnbaum | 165093 |
| Menachem (Mark) Kahn | 60034 |
| Jesse Sutton |  |
| Eric Sherb |  |
| Patrick White |  |
| Victor Setton |  |

---

(1) Additional details regarding these stockholders and their equity holdings are provided in the section titled "*Security Ownership of Principal Stockholders and Management*."

&nbsp;&nbsp;&nbsp;&nbsp;(2) Additional details regarding these stockholders and their equity holdings are provided in the section titled "*Security Ownership of Principal Stockholders and Management*."

&nbsp;&nbsp;&nbsp;&nbsp;

In addition, also in connection with the February 2022 Offering, the Company issued 90,135 shares of Common Stock to Palladium Capital Advisors, LLC (now known as Palladium Capital Group, LLC), an investor in the Company and the Company's private placement agent in the PPB Private Offering.

In connection with the PPB Private Offering, upon the Subsequent Closing, we issued shares of Common Stock and/or Series A Preferred Stock and Mergeco Warrants to the Purchasers identified in the Securities Purchase Agreement, including 250,000 shares of Common Stock and a Mergeco Warrant to purchase 250,000 shares of Common Stock that were issued to Dov Kurlander.

Merger

Pursuant to the terms of the Merger of Pish Posh Baby with and into the Company on February 25, 2022, each issued unit of membership interest of Pish Posh Baby outstanding immediately prior to the effectiveness of the Merger was converted into 1.572314286 shares of Common Stock, $0.000001 par value per share. While Dov Kurlander previously held units of membership interest in Pish Posh Baby prior to the Merger, immediately prior to the Merger, Pish Posh Baby and Dov Kurlander agreed to cancel all of Mr. Kurlander's interest in Pish Posh Baby.

Stockholder Guaranty

Dov Kurlander entered into a Guaranty, dated September 13, 2019, in connection with that certain Lease Agreement between the Company and Swarthmore 1915 LLC for the building located at 1915 Swarthmore Avenue, Lakeland, NJ 08701.

Other Related Party Transactions

Palladium, a prior member of Pish Posh Baby, served as the Company's Placement Agent in connection with the PPB Private Offering. Pursuant to the terms of the Securities Purchase Agreement, in consideration for its services as the Placement Agent, the Company issued (i) the Palladium Note, and (ii) a warrant to purchase up to 240,135 shares of Common Stock of the Company to Palladium Capital Group, LLC, dated March 1, 2022, which was subsequently assigned to Palladium Holdings LLC on March 29, 2022 (the "Palladium Warrant"; and together with the Palladium Note, the "Placement Agent Consideration"). In addition to and separate from the Placement Agent Consideration, Palladium subscribed for 90,135 shares of Common Stock and 150 shares of Series A Preferred Stock, each at a price of $0.00001 per share in the February 2022 Offering.

Employment Agreements

See "*Executive and Director Compensation—Employment Agreements*."

2022 Equity Incentive Plan

We have not yet granted any equity awards to our Board and executive officers under the 2022 Equity Incentive Plan.

Indemnification Agreements

Our second amended and restated certificate of incorporation ("Certificate of Incorporation") limits the liability of our directors for monetary damages for breach of their fiduciary duty as directors, except to the extent such exemption or limitation thereof is not permitted under the Delaware General Corporate Law ("DGCL") and applicable law. Delaware law provides that such a provision may not limit the liability of directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· for any breach of their duty of loyalty to us or our stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· for unlawful payment of dividend or unlawful stock repurchase or redemption, as provided under Section 174 of the DGCL; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· for any transaction from which the director derived an improper personal benefit.

Any amendment, repeal or modification of these provisions will be prospective only and would not affect any limitation on liability of a director for acts or omissions that occurred prior to any such amendment, repeal or modification. Our Certificate of Incorporation also requires us to pay any expenses incurred by any director or officer in defending against any such action, suit or proceeding in advance of the final disposition of such matter to the fullest extent permitted by law, subject to the receipt of an undertaking by or on behalf of such person to repay all amounts so advanced if it shall ultimately be determined that such person is not entitled to be indemnified as authorized by our amended and restated bylaws ("Bylaws") or otherwise. We have entered into indemnification agreements with each of our directors and executive officers. These agreements require us to indemnify these individuals to the fullest extent permitted under Delaware law against liability that may arise by reason of their service to us and to advance expenses incurred as a result of any proceeding against them as to which they could be indemnified. We believe that the limitation of liability provision in our Certificate of Incorporation and the indemnification agreements facilitate our ability to continue to attract and retain qualified individuals to serve as directors and officers.

Policies and Procedures for Review of Related Party Transactions

A "Related Party Transaction" is a transaction, arrangement, or relationship in which we or any of our subsidiaries was, is or will be a participant, the amount of which involved exceeds $50,000 in any one fiscal year, and in which any related person had, has or will have a direct or indirect material interest. A "Related Person" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any person who is, or at any time during the applicable period was, one of our executive officers, one of our directors, or a nominee to become one of our directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any person who is known by us to be the beneficial owner of more than 5.0% of any class of our voting securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any immediate family member of any of the foregoing persons, which means any child, stepchild, parent, stepparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law or sister-in-law of a director, executive officer or a beneficial owner of more than 5.0% of any class of our voting securities, and any person (other than a tenant or employee) sharing the household of such director, executive officer or beneficial owner of more than 5.0% of any class of our voting securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any firm, corporation, or other entity in which any of the foregoing persons is employed or is a general partner or principal or in a similar position or in which such person has a 5% or greater beneficial ownership interest in any class of the Company's voting securities.

Our Board intends to adopt a related party transactions policy. Pursuant to this policy, our Audit Committee will review all material facts of all Related Party Transactions and either approve or disapprove entry into the Related Party Transaction, subject to certain limited exceptions. In determining whether to approve or disapprove entry into a Related Party Transaction, our Audit Committee shall consider, among other factors, the following: (i) whether the Related Party Transaction is on terms no less favorable than terms generally available to an unaffiliated third-party under the same or similar circumstances and (ii) the extent of the Related Person's interest in the transaction. Further, the policy will require that all Related Party Transactions required to be disclosed in our filings with the SEC be so disclosed in accordance with applicable laws, rules and regulations.

The above summary description of related part transactions includes some of the general terms and provisions of the agreements related to such transactions. For a more detailed description of those agreements, you should refer to such agreements which are included as exhibits to this Annual Report on Form 10-K.

ITEM 14. PRINCIPAL ACCOUNTING FEES AND SERVICES

The following table shows the fees paid or accrued for the audit and other services provided by Morrison Cogen LLP, our independent auditors for the fiscal year ended December 31, 2022 and 2021:

---

| | | |
|:---|:---|:---|
|  | 2022 | 2021 |
| Audit fees <sup>(1)</sup> | $222914 | $267740<br>|
| Audit related fees <sup>(2)</sup> | - | - |
| Tax fees <sup>(3)</sup> | - | - |
| All other fees <sup>(4)</sup> | - | - |
| Total | $222914 | $267740 |

---

(1) Audit fees consist of fees billed for services rendered for the audit of our financial statements and review of our financial statements.

(2) Audit–related fees consist of fees reasonably related to the performance of the audit or review of the Company's financial statements that are not reported as "Audit Fees."

(3) Tax fees consist of fees billed for professional services related to the preparation of our U.S. federal and state income tax returns and tax advice.

(4) All other fees consist of fees for other miscellaneous items, including fees related to our registration statements.

PART IV

---

| | |
|:---|:---|
| ITEM 15. | **EXHIBITS AND FINANCIAL STATEMENT SCHEDULES** <br>|

---

(a) The following documents are filed as part of this report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Financial Statements—See Index to Consolidated Financial Statements at Item 8 of this Annual Report on Form 10-K, beginning on page F-1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Financial Statement Schedules—Financial statement schedules have been omitted in this Annual Report on Form 10-K because they are not applicable, not required under the instructions, or the information requested is set forth in the consolidated financial statements or related notes thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Exhibits—The exhibits listed in the accompanying index to exhibits are filed as part of, or incorporated by reference into, this Annual Report on Form 10-K.

**EXHIBIT INDEX**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Exhibit<br>No.**<br>| **Exhibit Description**<br>| Form | File Number | Exhibit | Filing Date |
| [2.1](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex2-1.htm) | [Agreement and Plan of Merger, dated February 24, 2022, by and between PishPosh, Inc. and Pish Posh Baby LLC.](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex2-1.htm) | [S-1](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex2-1.htm) | [333-267982](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex2-1.htm) | [2.1](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex2-1.htm) | [10/21/2022](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex2-1.htm) |
| [3.1](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex3-1.htm) | [Second Amended and Restated Certificate of Incorporation of PishPosh, Inc., dated October 20, 2022.](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex3-1.htm) | [S-1](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex3-1.htm) | [333-267982](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex3-1.htm) | [3.1](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex3-1.htm) | [10/21/2022](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex3-1.htm) |
| [3.2](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex3-2.htm) | [Certificate of Merger of Pish Posh Baby LLC into PishPosh, Inc., dated February 24, 2022 and filed on February 25, 2022.](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex3-2.htm) | [S-1](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex3-2.htm) | [333-267982](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex3-2.htm) | [3.3](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex3-2.htm) | [10/21/2022](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex3-2.htm) |
| [3.3](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex3-3.htm) | [Bylaws of PishPosh, Inc.](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex3-3.htm) | [S-1](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex3-3.htm) | [333-267982](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex3-3.htm) | [3.4](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex3-3.htm) | [10/21/2022](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex3-3.htm) |
| [4.1](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex4-1.htm) | [Securities Purchase Agreement, dated November 30, 2021, by and among Pish Posh Baby LLC and certain purchasers identified on the signature pages thereto in connection with the Note Closing of the PPB Private Offering.](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex4-1.htm) | [S-1](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex4-1.htm) | [333-267982](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex4-1.htm) | [4.1](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex4-1.htm) | [10/21/2022](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex4-1.htm) |
| [4.2](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex4-2.htm) | [Registration Rights Agreement, dated November 30, 2021, by and among Pish Posh Baby LLC and the persons listed on the signature pages thereto in connection with the PPB Private Offering.](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex4-2.htm) | [S-1](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex4-2.htm) | [333-267982](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex4-2.htm) | [4.2](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex4-2.htm) | [10/21/2022](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex4-2.htm) |
| [4.3](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex4-3.htm) | [Form of Convertible Note in connection with the Note Closing of the PPB Private Offering.](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex4-3.htm) | [S-1](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex4-3.htm) | [333-267982](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex4-3.htm) | [4.3](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex4-3.htm) | [10/21/2022](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex4-3.htm) |
| [4.4](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex4-4.htm) | [Form of Common Stock Purchase Warrant in connection with the Subsequent Closing of the PPB Private Offering.](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex4-4.htm) | [S-1](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex4-4.htm) | [333-267982](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex4-4.htm) | [4.4](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex4-4.htm) | [10/21/2022](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex4-4.htm) |
| [4.5](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex4-5.htm) | [Form of Subscription Agreement in connection with the February 2022 Offering.](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex4-5.htm) | [S-1](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex4-5.htm) | [333-267982](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex4-5.htm) | [4.5](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex4-5.htm) | [10/21/2022](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex4-5.htm) |
| [4.6](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex4-6.htm) | [Convertible Promissory Note to Palladium Holdings LLC in the principal amount of $240,135, dated March 1, 2022.](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex4-6.htm) | [S-1](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex4-6.htm) | [333-267982](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex4-6.htm) | [4.6](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex4-6.htm) | [10/21/2022](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex4-6.htm) |
| [4.7](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex4-7.htm) | [Warrant to purchase up to 240,135 shares of Common Stock of PishPosh, Inc. to Palladium Holdings LLC, dated March 1, 2022.](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex4-7.htm) | [S-1](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex4-7.htm) | [333-267982](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex4-7.htm) | [4.7](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex4-7.htm) | [10/21/2022](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex4-7.htm) |
| [4.8](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001351/ms008_ex4-8.htm) | [Warrant No. PA-1 issued to Boustead Securities LLC to purchase 32,822 shares of Common Stock of PishPosh, Inc., dated as of September 13, 2022.](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001351/ms008_ex4-8.htm) | [<u>S-1/A</u>](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001351/ms008_ex4-8.htm)<br>| [333-267982](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001351/ms008_ex4-8.htm)<br>| [<u>4.8</u>](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001351/ms008_ex4-8.htm)<br>| [<u>12/22/2022</u>](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001351/ms008_ex4-8.htm)<br>|
| [4.9](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001351/ms008_ex4-9.htm) | [Warrant No. PA-2 issued to Boustead Securities LLC to purchase 4,861 shares of Common Stock of PishPosh, Inc., dated as of September 22, 2022.](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001351/ms008_ex4-9.htm) | [<u>S-1/A</u>](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001351/ms008_ex4-9.htm)<br>| [333-267982](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001351/ms008_ex4-9.htm)<br>| [<u>4.9</u>](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001351/ms008_ex4-9.htm)<br>| [<u>12/22/2022</u>](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001351/ms008_ex4-9.htm)<br>|
| [4.10](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001351/ms008_ex4-10.htm) | [First Amendment to Warrants No. PA-1 and PA-2 issued to Boustead Securities LLC, dated as of December 7, 2022.](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001351/ms008_ex4-10.htm) | [<u>S-1/A</u>](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001351/ms008_ex4-10.htm)<br>| [333-267982](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001351/ms008_ex4-10.htm)<br>| [<u>4.10</u>](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001351/ms008_ex4-10.htm)<br>| [<u>12/22/2022</u>](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001351/ms008_ex4-10.htm)<br>|
| [4.11](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001351/ms008_ex1-1.htm) | [Form of Underwriters' Warrant (included in Exhibit 1.1).](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001351/ms008_ex1-1.htm) | [<u>S-1/A</u>](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001351/ms008_ex1-1.htm) <br>| [333-267982](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001351/ms008_ex1-1.htm) <br>| [<u>1.1</u>](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001351/ms008_ex1-1.htm)<br>| [<u>12/22/2022</u>](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001351/ms008_ex1-1.htm)<br>|
| [4.12](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex4-8.htm) | [Form of Common Stock Certificate.](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex4-8.htm) | [S-1](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex4-8.htm) | [333-267982](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex4-8.htm) | [4.12](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex4-8.htm) | [10/21/2022](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex4-8.htm) |
| [10.1](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex10-1.htm) | [Lease Agreement, dated September 13, 2019, between Swarthmore 1914 LLC and Pish Posh Baby LLC.](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex10-1.htm) | [S-1](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex10-1.htm) | [333-267982](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex10-1.htm) | [10.1](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex10-1.htm) | [10/21/2022](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex10-1.htm) |
| [10.2](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex10-3.htm) | [Employment Agreement, dated April 30, 2021, between Pish Posh Baby LLC and Alon Benishai.](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex10-3.htm) | [S-1](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex10-3.htm)<br>| [333-267982](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex10-3.htm)<br>| [10.3](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex10-3.htm)<br>| [10/21/2022](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex10-3.htm)<br>|
| [10.3](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex10-4.htm) | [Employment Agreement, dated November 23, 2021, between Pish Posh Baby LLC and Charlie Birnbaum.](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex10-4.htm) | [S-1 ](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex10-4.htm) | [333-267982 ](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex10-4.htm) | [10.4 ](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex10-4.htm) | [10/21/2022 ](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex10-4.htm) |
| [10.4](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex10-4.htm) | [Amendment No. 1 to Employment Agreement between PishPosh, Inc. and Charlie Birnbaum, dated January 18, 2023.](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex10-4.htm) | [S-1/A ](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex10-4.htm) | [333-267982 ](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex10-4.htm) | [10.4](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex10-4.htm) | [02/13/2023 ](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex10-4.htm) |
| [10.5](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-5.htm) | [Employment Agreement, dated January 12, 2022, between Pish Posh Baby LLC and Jesse Sutton.](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-5.htm) | [S-1/A](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-5.htm)<br>| [333-267982](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-5.htm)<br>| [10.5](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-5.htm)<br>| [02/13/2023](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-5.htm)<br>|
| [10.6](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-6.htm) | [Amendment No. 1 to Employment Agreement between PishPosh, Inc. and Jesse Sutton, dated December 20, 2022.](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-6.htm) | [S-1/A](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-6.htm)<br>| [333-267982](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-6.htm)<br>| [10.6](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-6.htm)<br>| [02/13/2023](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-6.htm)<br>|
| [10.7](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-7.htm) | [Amendment No. 2 to Employment Agreement between PishPosh, Inc. and Jesse Sutton, dated January 18, 2023.](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-7.htm) | [S-1/A](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-7.htm)<br>| [333-267982](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-7.htm)<br>| [10.7](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-7.htm)<br>| [02/13/2023](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-7.htm)<br>|
| [10.8](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-8.htm) | [Offer Letter, dated August 25, 2022, between PishPosh, Inc. and Eric Sherb.](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-8.htm) | [S-1/A](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-8.htm)<br>| [333-267982](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-8.htm)<br>| [10.8](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-8.htm)<br>| [02/13/2023](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-8.htm)<br>|
| [10.9](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-9.htm) | [Promissory Note, dated November 15, 2021, issued by Pish Posh Baby LLC in favor of Moishe (Michael) Hartstein.](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-9.htm) | [S-1/A](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-9.htm)<br>| [333-267982](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-9.htm)<br>| [10.9](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-9.htm)<br>| [02/13/2023](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-9.htm)<br>|
| [10.10](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-10.htm) | [Amendment, dated December 27, 2022, to Promissory Note, issued by Pish Posh Baby LLC in favor of Moishe (Michael) Hartstein.](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-10.htm) | [S-1/A](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-10.htm)<br>| [333-267982](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-10.htm)<br>| [10.10](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-10.htm)<br>| [02/13/2023](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-10.htm)<br>|
| [10.11](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-11.htm) | [Intercreditor Agreement, dated November 30, 2021, by and among Pish Posh Baby LLC, Dov Kurlander and the noteholders identified therein.](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-11.htm) | [S-1/A](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-11.htm)<br>| [333-267982](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-11.htm)<br>| [10.11](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-11.htm)<br>| [02/13/2023](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-11.htm)<br>|
| [10.12](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-12.htm) | [Convertible Promissory Note, dated August 23, 2022, issued by PishPosh, Inc. to Dov Kurlander in the principal amount of $950,000.](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-12.htm) | [S-1/A](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-12.htm)<br>| [333-267982](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-12.htm)<br>| [10.12](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-12.htm)<br>| [02/13/2023](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-12.htm)<br>|
| [10.13](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-13.htm) | [2022 Equity Incentive Plan.](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-13.htm) | [S-1/A](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-13.htm)<br>| [333-267982](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-13.htm)<br>| [10.13](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-13.htm)<br>| [02/13/2023](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-13.htm)<br>|
| [10.14](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex1-1.htm) | [Form of Lock-Up Agreement entered into in connection with this registration statement (included as Exhibit B to Exhibit 1.1).](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex1-1.htm) | [S-1/A](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex1-1.htm)<br>| [333-267982](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex1-1.htm)<br>| [10.14](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex1-1.htm)<br>| [02/13/2023](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex1-1.htm)<br>|
| [10.15](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-15.htm) | [Form of Indemnification Agreement.](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-15.htm) | [S-1/A](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-15.htm)<br>| [333-267982](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-15.htm)<br>| [10.15](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-15.htm)<br>| [02/13/2023](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-15.htm)<br>|
| [10.16](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-16.htm) | [Unsecured OID Promissory Note, dated January 25, 2023, issued by PishPosh, Inc. in favor of Alpha Capital Anstalt in the principal amount of $367,500.](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-16.htm) | [S-1/A](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-16.htm)<br>| [333-267982](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-16.htm)<br>| [10.16](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-16.htm)<br>| [02/13/2023](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-16.htm)<br>|
| [10.17](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-17.htm) | [Unsecured OID Promissory Note, dated January 25, 2023, issued by PishPosh, Inc. in favor of L1 Capital Global Opportunities Master Fund in the principal amount of $157,500.](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-17.htm) | [S-1/A](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-17.htm)<br>| [333-267982](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-17.htm)<br>| [10.17](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-17.htm)<br>| [02/13/2023](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-17.htm)<br>|
| [10.18](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-18.htm) | [Unsecured OID Promissory Note, dated January 25, 2023, issued by PishPosh, Inc. in favor of The Hewlett Fund LP in the principal amount of $52,500.](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-18.htm) | [S-1/A](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-18.htm)<br>| [333-267982](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-18.htm)<br>| [10.18](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-18.htm)<br>| [02/13/2023](http://www.sec.gov/Archives/edgar/data/1611282/000157587223000255/ms012_ex10-18.htm)<br>|
| [10.19\*](ms018_ex10-19.htm)<br>| [Engagement Letter between Boustead Securities, LLC and PishPosh, Inc., dated February 2, 2022.](ms018_ex10-19.htm)<br>|  |  |  |  |
| [10.20\*](ms018_ex10-20.htm)<br>| [Amendment, dated March 22, 2023, to Engagement Letter between Boustead Securities, LLC and PishPosh, Inc., dated February 2, 2022.](ms018_ex10-20.htm)<br>|  |  |  |  |
| [10.21\*](ms018_ex10-21.htm) | [Form of Subscription Agreement in connection with the March 2023 Private Offering.](ms018_ex10-21.htm) |  |  |  |  |
| [10.22\*](ms018_ex10-21.htm) | [Form of New Note in connection with the March 2023 Private Offering (included as Exhibit A to Exhibit 10.21).](ms018_ex10-21.htm) |  |  |  |  |
| [10.23\*](ms018_ex10-21.htm) | [Form of New Warrant in connection with the March 2023 Private Offering (included as Exhibit B to Exhibit 10.21).](ms018_ex10-21.htm) |  |  |  |  |
| [14.1](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex14-1.htm) | [Code of Ethics and Business Conduct.](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex14-1.htm) | [S-1](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex14-1.htm)<br>| [333-267982](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex14-1.htm)<br>| [14.1](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex14-1.htm)<br>| [10/21/2022](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex14-1.htm)<br>|
| [23.1\*](ms018_ex23-1.htm) | [Consent of Morison Cogen LLP.](ms018_ex23-1.htm) |  |  |  |  |
| [24.1<u>\*</u>](#a-001_001_powerofattorney) | [Power of Attorney (contained on the signature page to this report).](#a-001_001_powerofattorney) |  |  |  |  |
| [31.1\*](ms018_ex31-1.htm)<br>| [Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ms018_ex31-1.htm)<br>|  |  |  |  |
| [31.2\*](ms018_ex31-2.htm)<br>| [Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](ms018_ex31-2.htm)<br>|  |  |  |  |
| [32.1\*](ms018_ex32-1.htm)<br>| [Certifications of Principal Executive Officer and Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ms018_ex32-1.htm)<br>|  |  |  |  |
| [99.1](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex99-1.htm) | [Audit Committee Charter adopted by the Board of Directors of PishPosh, Inc. on June 6, 2022.](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex99-1.htm) | [S-1](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex99-1.htm) | [333-267982](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex99-1.htm) | [99.1](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex99-1.htm) <br>| [10/21/2022](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex99-1.htm) |
| [99.2](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex99-2.htm) | [Compensation Committee Charter adopted by the Board of Directors of PishPosh, Inc. on June 6, 2022](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex99-2.htm) | [S-1](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex99-2.htm) | [333-267982](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex99-2.htm) | [99.2](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex99-2.htm) <br>| [10/21/2022](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex99-2.htm) |
| [99.3](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex99-3.htm) | [Nominating and Corporate Governance Committee Charter adopted by the Board of Directors of PishPosh, Inc. on June 6, 2022.](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex99-3.htm) | [S-1](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex99-3.htm) | [333-267982](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex99-3.htm) | [99.3](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex99-3.htm) <br>| [10/21/2022](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex99-3.htm) |
| [99.4](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex99-4.htm) | [Corporate Governance Guidelines.](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex99-4.htm) | [S-1](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex99-4.htm) | [333-267982](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex99-4.htm) | [99.4](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex99-4.htm) <br>| [10/21/2022](http://www.sec.gov/Archives/edgar/data/1611282/000157587222001009/ms005_ex99-4.htm) |
| 101\*<br>| Interactive Data Files.<br>|  |  |  |  |
| 104\*<br>| Cover page from the Company's Annual Report on Form 10-K for the year ended December 31, 2022, formatted in iXBRL (included as Exhibit 101).<br>|  |  |  |  |

---

ITEM 16. FORM 10-K SUMMARY

None.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | PISHPOSH, INC. | PISHPOSH, INC. |
| Date: March 28, 2023<br>| By:<br>| /S/ *Chaim (Charlie) Birnbaum*<br>|
|  |  | Charlie Birnbaum<br>|
|  |  | *Chief Executive Officer*<br>*(Principal Executive Officer)*<br>|
| Date: March 28, 2023<br>| By:<br>| /S/ *Eric Sherb*<br>|
|  |  | Eric Sherb<br>|
|  |  | *Chief Financial Officer*<br>*(Principal Financial and Accounting Officer)*<br>|

---

**POWER OF ATTORNEY**

KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints

Eric Sherb his true and lawful attorney-in-fact, with full power of substitution and resubstitution for him and in his name, place and stead, in any and all capacities to sign any and all amendments to this Annual Report on Form 10-K, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact or his substitute, each acting alone, may lawfully do or cause to be done by virtue thereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this Report has been signed below by the following persons on behalf of the Registrant in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature**<br>| **Title**<br>| **Date**<br>|
| */s/ Chaim (Charlie) Birnbaum*<br>| Chief Executive Officer and Director<br>(Principal Executive Officer) | March 28, 2023<br>|
| Chaim (Charlie) Birnbaum<br>| Chief Executive Officer and Director<br>(Principal Executive Officer) |  |
| */s/ Eric Sherb*<br>| Chief Financial Officer (Principal Financial and Accounting Officer) | March 28, 2023<br>|
| Eric Sherb<br>| Chief Financial Officer (Principal Financial and Accounting Officer) |  |
| */s/ Jesse Sutton* | Chairman and Director | March 28, 2023<br>|
| Jesse Sutton<br>| Chairman and Director |  |
| */s/ Patrick White* | Director<br>| March 28, 2023<br>|
| Patrick White<br>|  |  |
| */s/ Menachem (Mark) Kahn* | Director<br>| March 28, 2023<br>|
| Menachem (Mark) Kahn<br>|  |  |
| */s/ Victor Setton* | Director<br>| March 28, 2023<br>|
| Victor Setton<br>|  |  |

---

**PISHPOSH, INC.**

INDEX

TO FINANCIAL

S

T

ATEMENTS

---

| | |
|:---|:---|
|  | Page |
| [Report of Independent Registered Public Accounting Firm (PCAOB ID#00536)](#a-001_001_reportofindepen) | [F-2](#a-001_001_reportofindepen) |
| [Balance Sheets as of December 31, 2022 and 2021](#a-001_001_pishposhincform) | [F-3](#a-001_001_pishposhincform) |
| [Statements of Comprehensive Loss for the Years Ended December 31, 2022 and 2021](#a-001_001_statementsofcom) | [F-4](#a-001_001_statementsofcom) |
| [Statement of Changes in Stockholders' Deficit for the Years Ended December 31, 2022 and 2021](#a-001_002_statementsofcha) | [F-5](#a-001_002_statementsofcha) |
| [Statements of Cash Flows for the Years Ended December 31, 2022 and 2021](#a-001_003_statementsofcas) | [F-6](#a-001_003_statementsofcas) |
| [Notes to Financial Statements](#a-001_004_notestofinancia) | [F-7](#a-001_004_notestofinancia) |

---

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and

Stockholders of PishPosh, Inc.

Opinion on the Financial Statements

We have audited the accompanying balance sheets of PishPosh, Inc. (the Company) as of December 31, 2022 and 2021, and the related statements of comprehensive loss, changes in stockholders' deficit, and cash flows for each of the two years in the period ended December 31, 2022, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2022 and 2021, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2022, in conformity with accounting principles generally accepted in the United States of America.

Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the financial statements, the Company has experienced net losses and negative cash flows from operations for the years ended December 31, 2022 and 2021, which raises substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 2. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

---

| |
|:---|
| /s/ Morison Cogen LLP |
| We have served as the Company's auditor since 2020. |
| Blue Bell, Pennsylvania |
| March 28<br>,<br> 2023<br>|

---

PISHPOSH, INC. (FORMERLY PISH POSH BABY, LLC)

BALANCE SHEETS

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | 2022 | 2021 |
| ASSETS |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | $218605 | $773880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable | 39511 | 69441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventory, net | 4534877 | 3295884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets | 346405 | 1559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred offering costs | 1183350 | 199323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets | 6322748 | 4340087 |
| Property and equipment, net | 2722 | 2261 |
| Intangible assets, net | 73075 | 81125 |
| Deposits | 10155 | 10155 |
| Right of use asset | 114796 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $6523496 | $4433628 |
| LIABILITIES AND STOCKHOLDERS' DEFICIT |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | $2329669 | $1438038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable, related party | 720954 | 1061294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other current liabilities | 643630 | 508227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loan payable, current | 1843025 | 1234168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible note payable | 240135 | 1061687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible note payable, related party | 950000 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Right of use liability, current portion | 57809 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities | 6785222 | 5303414 |
| Right of use liability | 58741 | - |
| Loan payable | 1025000 | 142597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 7868963 | 5446011 |
| Commitments and contingencies (Note 12) |  |  |
| Stockholders' deficit: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred stock, $0.000001 par value, 10,000,000 shares authorized, 1,752 and 80 shares issued and outstanding as December 31, 2022 and 2021, respectively | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common stock, $0.000001 par value, 100,000,000 shares authorized, 4,939,345 and 1,479,766 shares issued and outstanding as December 31, 2022 and 2021, respectively | 5 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Additional paid-in capital  | 5239194 | 431032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated deficit | (6584666) | (1443417) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total stockholders' deficit | (1345467) | (1012383) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and stockholders' deficit | $6523496 | $4433628 |

---

The accompanying notes are an integral part of these financial statements.

PISHPOSH, INC. (FORMERLY PISH POSH BABY, LLC)

**STATEMENT

S OF COMPREHENSIVE LOSS**

---

| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | December 31, | December 31, |
|  | **2022** | 2021 |
| Net revenues  | $21986784 | $13331398 |
| Cost of net revenues  | 14735590 | 8892262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross profit  | 7251194 | 4439136 |
| Operating expenses:  |  |  |
| &nbsp;&nbsp;&nbsp; General and administrative  | 5829111 | 2089153 |
| &nbsp;&nbsp;&nbsp; Research and development  | 146022 | -  |
| &nbsp;&nbsp;&nbsp; Sales and marketing  | 6367245 | 3396989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses  | 12342378 | 5486142 |
| Loss from operations  | (5091184) | (1047006) |
| Other income (expense):  |  |  |
| &nbsp;&nbsp;&nbsp; Other income  | 159159 | -  |
| &nbsp;&nbsp;&nbsp; Interest expense | (209224) | (132157) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total other expense  | (50065) | (132157) |
| Provision for income taxes  | -  | -  |
| Net loss  | $(5141249) | $(1179163) |
| Weighted average common shares outstanding - basic and diluted  | 3538127 | 1479766 |
| Net loss per common share - basic and diluted  | $(1.45) | $(0.80) |

---

The accompanying notes are an integral part of these financial statements.

PISHPOSH, INC. (FORMERLY PISH POSH BABY, LLC)

**STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  | Additional |  | Total |
|  | Preferred Stock | Preferred Stock | Common Stock | Common Stock | Paid-in | Accumulated | Stockholders' |
|  | Shares | Amount | Shares | Amount | Capital | Deficit | Deficit |
| Balances at December 31, 2020 | 80 | $- | 1479766 | $2 | $431032 | $(264254) | $166780 |
| Net loss | - | - | - | - | - | (1179163) | (1179163) |
| Balances at December 31, 2021 | 80 | - | 1479766 | 2 | 431032 | (1443417) | (1012383) |
| Issuance of shares of common and preferred stock for services | 150 | - | 1291922 | 1 | 1441921 | - | 1441922 |
| Conversion of notes and payables and issuance of common and preferred shares for proceeds | 2270 | - | 731690 | 1 | 3001666 | - | 3001667 |
| Convertible note payable and warrants issued as offering costs |  | - | -  | - | (240135) | - | (240135) |
| Issuance of shares of common stock for cash, net of offering costs | - | - | 538338 | 1 | 429710 | - | 429711 |
| Common shares issued as deferred offering costs | - | - | 150000 | - | 175000 | - | 175000 |
| Effect of the Exchange Agreement (see Note 9) | 543 | - | (543456) | (1) | 1 | - | -  |
| Conversion of preferred stock into common stock | (1291) | - | 1291085 | 1 | (1) | - | -  |
| Net loss | - | - | - | - | - | (5141249) | (5141249) |
| Balances at December 31, 2022 | 1752 | - | 4939345 | $5 | $5239194 | $(6584666) | $(1345467) |

---

The accompanying notes are an integral part of these financial statements.

PISHPOSH, INC. (FORMERLY PISH POSH BABY, LLC)

**STATEMENTS OF CASH FLOWS**

---

| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | December 31, | December 31, |
|  | **2022** | 2021 |
| **Cash flows from operating activities:** <br>|  |  |
| Net loss | $(5141249) | $(1179163) |
| Adjustments to reconcile net loss to net cash used in operating activities:  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and amortization  | 40711 | 19156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forgiveness of Payroll Protection Program loan payable  | (142597) | -  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in inventory allowance  | 392860 | 89409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuance of shares of common and preferred stock for services | 1441922 | -  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuance of convertible note, related party for services | 950000 | -  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of right of use asset | 1754 | -  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-cash interest expense  | - | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts receivable | 29930 | 149351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventory | (1631853) | (1127580) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other current assets  | (344846) | 40699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred offering costs  | (809027) | (199323) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable | 891631 | 577405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounts payable, related party | (87049) | 227370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other current liabilities | 135403 | 179578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash used in operating activities  | (4272410) | (1173098) |
| **Cash flows from investing activities:** <br>|  |  |
| Purchase of property and equipment  | (3362) | (2261) |
| Website development costs  | (30400) | (97350) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash used in investing activities  | (33762) | (99611) |
| **Cash flows from financing activities:** <br>|  |  |
| Proceeds from loan payable  | 7202000 | 2439607 |
| Repayments of loan payable  | (5570794) | (1512843) |
| Proceeds from convertible note payable  | - | 1061687 |
| Proceeds from related party loans  | - | 651873 |
| Repayments of related party loans | - | (651873) |
| Proceeds from issuance of preferred and common stock in Subsequent Closing  | 1689980 | -  |
| Issuance of shares of common stock for cash, net of offering costs  | 429711 | -  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net cash provided by financing activities  | 3750897 | 1988451 |
| **Net change in cash and cash equivalents** <br>| (555275) | 715742 |
| Cash and cash equivalents at beginning of year  | 773880 | 58138 |
| Cash and cash equivalents at end of year  | $218605 | $773880 |
| **Supplemental disclosure of cash flow information:** <br>|  |  |
| Cash paid for interest  | $168625 | $65595 |
| **Supplemental disclosure of non-cash investing and financing activities:** <br>|  |  |
| Conversion of accounts payable, related party into equity  | $250000 | $-  |
| Conversion of notes payable into equity  | $1061687 | $-  |
| Convertible note payable and warrants issued as offering costs  | $240135 | $-  |
| Effect of the Merger on members' capital and additional paid-in capital | $431032 | $-  |
| Common shares issues as deferred offering costs | $175000 | $-  |
| Lease liability arising for obtaining right of use asset | $&nbsp;&nbsp;&nbsp; 168112 | $- |

---

The accompanying notes are an integral part of these financial statements.

PISHPOSH, INC. (FORMERLY PISH POSH BABY, LLC)

NOTES TO FINANCIAL STATEMENTS

1. NATURE OF OPERATIONS

Pish Posh Baby, LLC ("Pish Posh") was a Delaware limited liability company formed on December 15, 2015. Pish Posh was established via an asset purchase agreement with a related entity, Pish Posh, Inc. (the "Seller"), a Nevada corporation, in January 2016. Pursuant to the asset purchase agreement, Pish Posh purchased certain assets and assumed liabilities from Pish Posh, Inc. and all investors in the Seller were transferred into membership interests in Pish Posh.

On February 25, 2022, PishPosh, Inc. (the "Company"), a Delaware corporation formed on December 16, 2021, merged with Pish Posh (the "Merger"). Pursuant to the Merger Agreement, each issued unit of membership interest of Pish Posh outstanding immediately prior to the effectiveness of the merger was converted into 1.572314286 shares of common stock in the Company. At the option of any shareholder, shares of Series A Preferred Stock of the Company may be issued in lieu of shares of common stock. Upon the closing of the Merger, PishPosh, Inc. became the surviving corporation.

The Merger is being treated as a reverse acquisition and recapitalization effected by a unit-share exchange for financial accounting and reporting purposes. Pish Posh is treated as the accounting acquirer as its members controlled the Company after the conversion of membership interests into the Company's common shares, even though the Company was the legal acquirer and surviving corporation. As a result, the assets and liabilities and the historical operations of Pish Posh are reflected in the financial statements of the Company. Since the Company had no operations upon the Merger, the transaction was treated as a recapitalization for accounting purposes and no goodwill or other intangible assets were recorded. The accompanying financial statements have been presented to retroactively present the effect of the Merger, including common and preferred stock and additional paid-in capital.

The Company has a wide array of baby products, including brand-name strollers, car seats and other baby gear & accessories, which are sold via its retail location, website and other e-commerce channels. The Company's headquarters are in Lakewood, New Jersey.

2. **GOING CONCERN** 

The Company has evaluated whether there are certain conditions and events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that the financial statements are issued.

The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has often not generated profits since inception, has sustained net losses of $5,141,249 and $1,179,163 for the years ended December 31, 2022 and 2021 respectively, and has negative cash flows from operations for the years then ended. These factors raise substantial doubt about the Company's ability to continue as a going concern. The Company's ability to continue as a going concern for the next 12 months from the date the financial statements were available to be issued is dependent upon its ability to generate sufficient cash flows from operations to meet its obligations, which it has not been able to accomplish to date, and/or to obtain additional capital financing. Through the date the financial statements were available to be issued, the Company has been primarily financed through the issuance of loans and proceeds from the sale of preferred and common stock. In the event that the Company cannot generate sufficient revenue to sustain its operations, the Company will need to reduce expenses or obtain financing through the sale of debt and/or equity securities. The issuance of additional equity would result in dilution to existing shareholders. If the Company is unable to obtain additional funds when they are needed or if such funds cannot be obtained on terms acceptable to the Company, the Company would be unable to execute upon the business plan or pay costs and expenses as they are incurred, which would have a material, adverse effect on the business, financial condition and results of operations. No assurance can be given that the Company will be successful in these efforts. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

As of March

28, 2023, the Company has a cash position of approximately $750,000. Based upon the current cash position and the Company's planned expense run rate, management believes the Company has funds currently to finance its operations through June 2023.

The Company is seeking to raise capital via an equity offering. In the event the Company does not complete an offering, the Company expects to seek additional funding through private equity or debt financings. The Company may not be able to obtain financing on acceptable terms, or at all.

PISHPOSH, INC. (FORMERLY PISH POSH BABY, LLC)

NOTES TO FINANCIAL STATEMENTS

&nbsp;&nbsp;&nbsp;&nbsp;3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accounting and reporting policies of the Company conform to accounting principles generally accepted in the United States of America ("GAAP"). The Company's fiscal year end is December 31.

The Company is an emerging growth company as the term is used in The Jumpstart Our Business Startups Act, enacted on April 5, 2021 and has elected to comply with certain reduced public company reporting requirements.

Use of Estimates

The preparation of the Company's financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, inventory, revenue recognition, and e-commerce accounting considerations. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates when there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates.

Significant Risks and Uncertainties

The Company is subject to customary risks and uncertainties including, but not limited to, the need for protection of proprietary technology, dependence on key personnel, costs of services provided by third parties, the need to obtain additional financing, and limited operating history.

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. The Company generally maintains balances in various operating accounts at financial institutions that management believes to be of high credit quality, in amounts that may exceed federally insured limits. The Company has not experienced any losses related to its cash and cash equivalents and does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. At December 31, 2022 and 2021, all of the Company's cash and cash equivalents were held at one accredited financial institution.

Concentrations

The Company is dependent on third-party vendors for its inventory purchases. During the years ended December 31, 2022 and 2021, two and three vendors accounted for 59% and 55% of total purchases, respectively. The loss of these vendors may have a negative short-term impact on the Company's operations; however, the Company believes there are acceptable substitute vendors that can be utilized longer-term.

Cash and Cash Equivalents

The Company considers all highly liquid investments with maturities of three months or less at the date of purchase to be cash equivalents.

Fair Value Measurements

Certain assets and liabilities of the Company are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:

PISHPOSH, INC. (FORMERLY PISH POSH BABY, LLC)

NOTES TO FINANCIAL STATEMENTS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Level 1—Quoted prices in active markets for identical assets or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Level 3—Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.

The carrying values of the Company's accounts receivable, prepaid expenses, accounts payable and accrued expenses approximate their fair values due to the short maturity of these instruments. The Company believes the carrying amount of its convertible notes payable and loan payable approximate fair value based on rates and other terms currently available to the Company for similar debt instruments.

Accounts Receivable

Accounts receivable are derived from products delivered to customers and are stated at their net realizable value. Each month, the Company reviews its receivables on a customer-by-customer basis and evaluates whether an allowance for doubtful accounts is necessary based on any known or perceived collection issues. Any balances that are eventually deemed uncollectible are written off against the allowance after all means of collection have been exhausted and the potential for recovery is considered remote. As of December 31, 2022 and 2021, the Company determined that no allowance for doubtful accounts was necessary.

Inventory

Inventories consist of finished goods and products in transit from the Company's suppliers. Finished goods inventory includes amounts primarily held at the Company's warehouse location and at Amazon. Costs of finished goods inventories include all costs incurred to bring inventory to its current condition, including inbound freight and duties. Inventory is recorded at the lower of cost or net realizable value using the

first-in-first-out (FIFO) method. If the Company determines that the estimated net realizable value of its inventory is less than the carrying value of such inventory, it records a charge to cost of goods sold to reflect the lower of cost or net realizable value. If actual market conditions are less favorable than those projected by the Company, further adjustments may be required that would increase the cost of goods sold in the period in which such a determination was made. As of December 31, 2022 and 2021, there was a reserve for obsolescence of $482,269 and $89,409, respectively.

Deposits for future inventory purchases are included in prepaid expenses and other current assets. As of December 31, 2022 and 2021, prepaid expenses and other current assets included $330,906 and $0, respectively, in inventory deposits.

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation. The Company's property and equipment includes office and computer equipment, furniture and fixtures and leasehold improvements, which are all depreciated using the straight-line method over their respective estimated useful lives. At the time of retirement or other disposition of property and equipment, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in operations.

Intangible Assets

Intangible assets consist of capitalized website development costs less accumulated amortization. Website development costs are capitalized during the application and infrastructure development stage in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 350-50. The Company amortizes these costs using the straight-line method over an estimated useful life of three years.

Impairment of Long-Lived Assets

The Company reviews its long-lived assets (property and equipment and amortizable intangible assets) for impairment whenever events or circumstances indicate that the carrying amount of an asset may not be recoverable. If the sum of the expected cash flows, undiscounted, is less than the carrying amount of the asset, an impairment loss is recognized as the amount by which the carrying amount of the asset exceeds its fair value.

PISHPOSH, INC. (FORMERLY PISH POSH BABY, LLC)

NOTES TO FINANCIAL STATEMENTS

Revenue Recognition

In accordance with FASB ASC 606, *Revenue from Contracts with Customers*¸ the Company determines revenue recognition through the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Identification of a contract with a customer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Identification of the performance obligations in the contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Determination of the transaction price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Allocation of the transaction price to the performance obligations in the contract; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Recognition of revenue when or as the performance obligations are satisfied.

Revenue is recognized when performance obligations are satisfied through the transfer of control of promised goods to the

Company's customers in an amount that reflects the consideration expected to be received in exchange for transferring goods or services to customers. Control transfers once a customer has the ability to direct the use of, and obtain substantially all of the benefits from, the product. This includes the transfer of legal title, physical possession, the risks and rewards of ownership, and customer acceptance.

The Company derives its revenue primarily from e-commerce transactions. For e-commerce transactions, revenue is recognized at the time the product is shipped to the customer, which is the point in time when control is transferred. The Company generates a small percentage of sales in its showroom, which revenue is recognized at the time the product is sold in store to the customer. There was no breakage income recognized for unredeemed gift cards for the years ended December 31, 2022 and 2021.

The Company deducts discounts, sales tax, and estimated refunds to arrive at net revenue. Sales tax collected from clients is not considered revenue and is included in accrued expenses until remitted to the taxing authorities. Shipping and handling fees charged to customers are included in net revenues. All shipping and handling costs are accounted for as fulfillment costs in sales and marketing expense, and are therefore not evaluated as a separate performance obligation.

Total shipping and handling billed to customers as a component of net revenues was approximately $495,000 and $176,000 for the years ended December 31, 2022 and 2021, respectively.

Cost of Revenue

Cost of revenue consists of the costs of inventory sold, packaging materials costs, inbound freight and customs and duties. The Company includes outbound freight associated with shipping goods to customers as a component of sales and marketing expenses as noted below.

Sales and Marketing

Sales and marketing expenses includes fulfillment center operations, third-party logistics costs, e-commerce selling commissions, marketing and advertising costs as well as public relations.

The Company also includes outbound freight associated with shipping goods to customers as a component of sales and marketing expenses. During the years ended December 31, 2022 and 2021, shipping and handling costs were $2,113,300 and $1,166,423, respectively.

General and Administrative Expenses

General and administrative expenses consist primarily of compensation and benefits costs, professional services and information technology. General and administrative expenses also include payment processing fees, website costs and warehousing fees.

Advertising Costs

Advertising costs are included in sales and marketing expenses and are expensed as incurred. Advertising costs were $1,760,166 and $796,222 for the years ended December 31, 2022 and 2021 respectively.

Research and Development Costs

Costs incurred in the research and development of the Company's products are expensed as incurred.

PISHPOSH, INC. (FORMERLY PISH POSH BABY, LLC)

NOTES TO FINANCIAL STATEMENTS

**Comprehensive Loss**

The Company follows FASB ASC 220 in reporting comprehensive income. Comprehensive income is a more inclusive financial reporting methodology that includes disclosure of certain financial information that historically has not been recognized in the calculation of net income. Since the Company has no items of other comprehensive income, comprehensive loss is equal to net loss.

Deferred Offering Costs

The Company complies with the requirements of FASB ASC 340-10-S99-1 with regards to offering costs. Prior to the completion of an offering, offering costs are capitalized. The deferred offering costs are charged to additional paid-in capital or as a discount to debt, as applicable, upon the completion of an offering or to expense if the offering is not completed. As of December 31, 2022 and 2021, the Company had capitalized $1,183,350 and $199,323 in deferred offering costs, respectively. Deferred offering costs includes professional fees incurred including legal, accounting, underwriting and advisory in connection with the Company's anticipated equity offering. As of December 31, 2022, deferred offering costs included $175,000 in legal fees pertaining to 150,000 shares of common stock issued (see Note 9).

Accounting for Preferred Stock

ASC 480, Distinguishing Liabilities from Equity, includes standards for how an issuer of equity(including equity shares issued by consolidated entities) classifies and measures on its balance sheet certain financial instruments with characteristics of both liabilities and equity.

Management is required to determine the presentation for the preferred stock as a result of the redemption and conversion provisions, among other provisions in the agreement. Specifically, management is required to determine whether the embedded conversion feature in the preferred stock is clearly and closely related to the host instrument, and whether the bifurcation of the conversion feature is required and whether the conversion feature should be accounted for as a derivative instrument. If the host instrument and conversion feature are determined to be clearly and closely related (both more akin to equity),derivative liability accounting under ASC 815, *Derivatives and Hedging*, is not required. Management determined that the host contract of the preferred stock is more akin to equity, and accordingly, liability accounting is not required by the Company. The Company has presented preferred stock within stockholders' deficit.

Costs incurred directly for the issuance of the preferred stock are recorded as a reduction of gross proceeds received by the Company, resulting in a discount to the preferred stock. The discount is not amortized.

Warrant Valuation

Stock warrant valuation models require the input of highly subjective assumptions. The fair value of stock-based payment awards is estimated using the Black-Scholes option model with a volatility figure derived from an index of historical stock prices for comparable entities. The Company accounts for the expected life based on the contractual life of the warrants. The risk-free interest rate is determined from the implied yields of U.S. Treasury zero-coupon bonds with a remaining life consistent with the expected term of the warrants.

Net Loss per Share

Net earnings or loss per share is computed by dividing net income or loss by the weighted-average number of common shares outstanding during the period, excluding shares subject to redemption or forfeiture. The Company presents basic and diluted net earnings or loss per share. Diluted net earnings or loss per share reflect the actual weighted average of common shares issued and outstanding during the period, adjusted for potentially dilutive securities outstanding. Potentially dilutive securities are excluded from the computation of the diluted net loss per share if their inclusion would be anti-dilutive. As all potentially dilutive securities are anti-dilutive as of December 31, 2022, diluted net loss per share is the same as basic net loss per share. Potentially dilutive items outstanding as of December 31, 2022 and 2021 are as follows:

PISHPOSH, INC. (FORMERLY PISH POSH BABY, LLC)

NOTES TO FINANCIAL STATEMENTS

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | **2022** | 2021 |
| Convertible note payable | 240135 |  |
| Convertible note payable, related party <br>(1)<br>| 172727 |  |
| Preferred stock (convertible to common stock)<br>| 1752371 |  |
| Common stock warrants | 3279508 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The potentially dilutive shares from the $950,000 convertible note, related party was estimated using a conversion price of $5.50, which is 110% of the anticipated initial public offering price of $5.00 per share (Note 8).

Leases

In accordance with FASB ASC 842, *Leases*, upon lease commencement the Company recognizes a right-of-use asset and a corresponding lease liability measured at the present value of the fixed future minimum lease payments. The Company calculates operating lease liabilities with a risk-free discount rate, using a comparable period with the lease term. Lease and non-lease components are combined for all leases. Lease payments for leases with a term of 12 months or less are expensed on a straight-line basis over the term of the lease with no lease asset or liability recognized.

Income Taxes

Prior to the Merger in 2022, the Company was a limited liability company. Accordingly, under the Internal Revenue Code, all taxable income or loss flowed through to the members. Therefore, no provision for income tax had been recorded in the statements.

Net loss from the Company w

ere reported and taxed to the members on their individual tax returns.

Upon the Merger in 2022, the Company is a corporation. The Company uses the liability method of accounting for income taxes as set forth in ASC 740, *Income Taxes*. Under the liability method, deferred taxes are determined based on the temporary differences between the financial statement and tax basis of assets and liabilities using tax rates expected to be in effect during the years in which the basis differences reverse. A valuation allowance is recorded when it is unlikely that the deferred tax assets will not be realized. We assess our income tax positions and record tax benefits for all years subject to examination based upon our evaluation of the facts, circumstances and information available at the reporting date. In accordance with ASC 740-10, for those tax positions where there is a greater than 50% likelihood that a tax benefit will be sustained, our policy will be to record the largest amount of tax benefit that is more likely than not to be realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information. For those income tax positions where there is less than 50% likelihood that a tax benefit will be sustained, no tax benefit will be recognized in the financial statements.

Recently Issued and Adopted Accounting Pronouncements

In February 2016, the FASB issued ASU 2016-02, *Leases (Topic 842*, as modified by other subsequently issued related ASUs. The amendments in these Updates specify the accounting for leases. The core principle of Topic 842 is that a lessee should recognize the assets and liabilities that arise from leases. The Company adopted the new standard, including ASU No. 2021-09, *Leases (Topic 842), Discount Rate for Lessees That are Not Public Business Entities*, which provides nonpublic business entities with a practical expedient that allows them to elect, as an accounting policy, to use a risk-free rate as the discount rate for all leases, and all other related ASUs, effective January 1, 2022 using a modified retrospective approach. The Company also elected the package of practical expedients permitted under the transition guidance within the new standard (see below). At adoption, the Company recognized a right-of-use asset and corresponding lease liability of $168,112 (see Note 12).

As of January 1, 2022, the Company changed its accounting method for leases as a result of implementing the requirements of FASB ASC 842, *Leases*, using the modified retrospective transition method. There was no cumulative effect adjustment to the Company's balance sheet as of January 1, 2022. Adoption of the new guidance did not have a significant impact to the statements of operations or cash flows for the year ended December 31, 2022. Comparative information has not been restated and continues to be reported under the accounting standards in effect for the prior period.

The new lease guidance requires the recognition of a right-of-use asset and a lease liability for operating leases. The Company elected the package of practical expedients, including 1) relief from reassessing whether any expired or existing contracts are or contain leases, 2) relief from reassessing the classification for any expired or existing leases, 3) relief from reassessing initial direct costs for any existing leases, 4) using hindsight to determine the lease term and assess impairment of right-of-use assets, 5) election not to apply the recognition requirements to short-term leases, and 6) election not to separate lease components from non-lease components. See Note 12 for additional information.

PISHPOSH, INC. (FORMERLY PISH POSH BABY, LLC)

NOTES TO FINANCIAL STATEMENTS

In August 2020, the FASB issued ASU 2020-06, which simplifies the guidance on the issuer's accounting for convertible debt instruments by removing the separation models for convertible debt with a cash conversion feature and convertible instruments with a beneficial conversion feature. As a result, entities will not separately present in equity an embedded conversion feature in such debt and will account for a convertible debt instrument wholly as debt, unless certain other conditions are met. The elimination of these models will reduce reported interest expense and increase reported net income for entities that have issued a convertible instrument that is within the scope of ASU 2020-06. ASU 2020-06 is applicable for fiscal years beginning after December 15, 2021, with early adoption permitted no earlier than fiscal years beginning after December 15, 2020. The Company adopted ASU 2020-06 on January 1, 2022 and the adoption of this ASU did not have a material impact on the Company's financial statements and related disclosures.

Management does not believe that any other recently issued, but not yet effective, accounting standards could have a material effect on the accompanying financial statements. As new accounting pronouncements are issued, the Company will adopt those that are applicable under the circumstances.

4. PROPERTY AND EQUIPMENT, NET

Property and equipment, net consists of the following:

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | 2022 | 2021 |
| Office and computer equipment | 44264 | $41542 |
| Furniture and fixtures | 21064 | 21064 |
| Leasehold improvements | 79369 | 79369 |
| &nbsp;&nbsp;&nbsp; Total<br>| 144697 | 141975 |
| Less: Accumulated depreciation | (141975) | (139714) |
| &nbsp;&nbsp;&nbsp; Property and equipment, net | $2722 | $2261 |

---

Depreciation expense was $2,261 and $2,931 for the years ended December 31, 2022 and 2021, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;5. INTANGIBLE ASSETS, NET

Intangible assets, net consists of the following:

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | **2022** | 2021 |
| Website development costs<br>| $127750 | $97350 |
| Less: Accumulated amortization | (54675) | (16225) |
| &nbsp;&nbsp;&nbsp; Intangible assets, net<br>| $73075 | $81125 |

---

Amortization expense was $38,450 and $16,225 for the years ended December 31, 2022 and 2021, respectively.

PISHPOSH, INC. (FORMERLY PISH POSH BABY, LLC)

NOTES TO FINANCIAL STATEMENTS

&nbsp;&nbsp;&nbsp;&nbsp;6. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consist of the following:

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | 2022 | 2021 |
| Accrued personnel and other expenses | $78343 | $89356 |
| Inventory related purchases | 80230 | -  |
| Gift card liability | 202453 | 190114 |
| Allowance for sales returns | 102887 | 88057 |
| Sales tax payable | 25662 | 20430 |
| Interest | 50347 | 16562 |
| Security deposit payable | 3708 | 3708 |
| Advances from third parties | 100000 | 100000 |
| &nbsp;&nbsp;&nbsp; Accrued expenses and other current liabilities | $643630 | $508227 |

---

&nbsp;&nbsp;&nbsp;&nbsp;7. LOAN PAYABLE

Merchant Advances

During 2022 and 2021, the Company entered into several short-term merchant loans with Amazon. The loans mature in six to nine months and bear interest ranging from 8% to 12%. The loans require monthly principal and interest payments. During the years ended December 31, 2022 and 2021, the Company received merchant advances totaling $7,202,000 and $797,010, respectively, and made repayments totaling $5,570,794 and $987,843, respectively. As of December 31, 2022 and 2021, the Company had $1,843,025 and $209,168, respectively in outstanding principal pertaining to these merchant loans. Interest expense for the loans totaled $157,322 and $40,852 for the years ended December 31, 2022 and 2021, respectively. As of December 31, 2022 and 2021, there was $17,376 and $0, respectively, in interest payable pertaining to these loans.

Related Party

During 2021, the Company received loan proceeds of $651,873 from a related party.

The loan was unsecured, non-interest bearing and due on demand. During 2021, the Company fully repaid this loan.

Paycheck Protection Program

In May 2021, the Company entered into a loan with a lender in an aggregate principal amount of $142,597 pursuant to the Paycheck Protection Program ("PPP") under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The PPP Loan is evidenced by a promissory note ("Note"). Subject to the terms of the Note, the PPP Loan bore interest at a fixed rate of one percent (1%) per annum, with the first nine months of interest deferred, had an initial term of five years, and was unsecured and guaranteed by the Small Business Administration. The Company may apply to the Lender for forgiveness of the PPP Loan, with the amount which may be forgiven equal to the sum of payroll costs, covered rent, and covered utility payments incurred by the Company during the applicable forgiveness period, calculated in accordance with the terms of the CARES Act. The loan proceeds were used for payroll and other covered payments including general operating costs and was fully forgiven in February 2022.

&nbsp;&nbsp;&nbsp;&nbsp;As such, the Company recorded a gain of $142,597 included in other income in the statements of comprehensive loss.

Promissory Notes

As of December 31, 2022 and 2021, the Company had $1,025,000 outstanding pertaining to a promissory note received in 2021. In December 2022, the Company extended the maturity date to March 31, 2024. Interest expense for the years ended December 31, 2022 and 2021 were $0 and $25,000, respectively, all of which was accrued and unpaid as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;8. CONVERTIBLE NOTES

In November 2021, the Company entered into several convertible promissory notes (the "2021 Notes") for an aggregate principal amount of $1,061,687. The notes bear interest at 8% per annum and matured on February 28, 2022. The notes were convertible into shares of common and/or Series A preferred stock and warrants of the Company. In March 2022, the 2021 Notes automatically converted on a one-for-one basis into shares of common stock, preferred stock and warrants upon a subsequent closing ("Subsequent Closing") (see Note 9).

During the year ended December 31, 2021, the Company incurred $16,562 in interest pertaining to these notes, all of which was accrued and unpaid as of December 31, 2021. Upon the Subsequent Closing and conversion of the Notes at their principal amount, the interest was deemed forgiven and the Company recorded a gain in other income in the statements of comprehensive loss.

PISHPOSH, INC. (FORMERLY PISH POSH BABY, LLC)

NOTES TO FINANCIAL STATEMENTS

In connection with the Subsequent Closing, the Company issued a convertible note to an entity that acted as placement agent for the financings. The principal of the note is $240,135, which bears interest at 8% per annum and matured on March 1, 2023. The note is convertible into shares of common stock and/or Series A preferred and warrants on a one-for-one basis. The value of the note was recognized as offering costs and charged to additional paid-in capital. The entity also received a warrant to purchase 240,135 shares of common stock, with an estimated fair value of approximately $84,000, and the issuance was recognized as offering costs (Note 10). Interest expense for the year ended December 31, 2022 pertaining to this note was $16,053, all of which was accrued and unpaid as of December 31, 2022. On March 1, 2023, the maturity date was extended to September 1, 2023.

On August 23, 2022, the Company issued a convertible promissory note to a related party pursuant to services performed in the principal amount of $950,000. The note bears interest at 5% per annum, with principal and interest payments payable monthly, and matures on May 15, 2023. At any time, the investor may convert the outstanding principal amount and accrued but unpaid interest into shares of common stock at a price equal to 110% of the price at which the Company consummates its initial public offering. Pursuant to the terms of the note, the investor may exceed its beneficial ownership limitation upon conversion into shares. Interest expense for the year ended December 31, 2022 pertaining to this note was $16,918, all of which was accrued and unpaid as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;9. STOCKHOLDERS' EQUITY

Merger / Recapitalization to PishPosh, Inc.

Prior to the Merger, Pish Posh's membership interests were represented by Units. As of December 31, 2021, Pish Posh had 1,000,000 units issued and outstanding, comprising $431,034 in contributed capital.

In February 2022, the Company cancelled 580,000 membership units in order to effectuate the Merger. Upon the Merger Agreement, the remaining 420,000 units outstanding immediately prior to the effectiveness of the merger was converted into 1.572314286 shares of common stock in the Company. At the option of any shareholder, shares of Series A preferred stock of the Company may be issued in lieu of shares of common stock. As a result of the Merger, the units were ultimately converted into 580,371 shares of common stock and 80 shares of Series A preferred stock. Furthermore, the Company reissued 899,305 shares of common stock pursuant to the initial cancellation agreement of the 580,000 membership units. As of a result of the Merger, the $431,034 in members' capital was converted into preferred and common stock and additional paid-in capital.

Preferred Stock

The Company's Amended Certificate of Incorporation authorizes the Board to establish and to issue from time to time one or more series of preferred stock, par value $0.000001 per share, covering up to an aggregate of 10,000,000 shares of preferred stock. Each series of preferred stock will cover the number of shares and will have the powers, preferences, rights, qualifications, limitations and restrictions determined by the board of directors, which may include, among others, dividend rights, liquidation preferences, voting rights, conversion rights, preemptive rights and redemption rights. As of December 31, 2022, 20,000 shares of preferred stock are designated as Series A preferred stock.

Voting Rights

The Series A preferred stock shall have no voting rights.

Dividend Rights

Holders of Series A preferred stock shall be entitled to receive, and the Company shall pay, dividends on shares of Series A Preferred Stock equal (on an as-if-converted-to-common-stock basis) to and in the same form as dividends actually paid on shares of the common stock when, as and if such dividends are specifically declared by the Board to be payable to the holders of the common stock. No other dividends shall be paid on shares of Series A preferred stock; and the Company shall pay no dividends on shares of the common stock unless it simultaneously complies with the above. For so long as any Series A preferred stock is outstanding, dividends may not be paid in the form of common stock without the written consent of the holders of Series A preferred stock holding a majority of the then issued and outstanding Series A preferred stock.

PISHPOSH, INC. (FORMERLY PISH POSH BABY, LLC)

NOTES TO FINANCIAL STATEMENTS

*Liquidation Rights* 

Upon our voluntary or involuntary liquidation, dissolution, distribution of assets or other winding up, holders of shares of Series A preferred stock shall be entitled to receive the amount of cash, securities or other property to which such holder would be entitled to receive with respect to such shares of Series A preferred stock if such shares had been converted to common stock immediately prior to such liquidation, dissolution, distribution of assets or other winding up, subject to the preferential rights of holders of any senior securities of the Company.

Conversion Rights

At any time, each holder of Series A preferred stock is entitled to convert any portion of such holder's outstanding Series A preferred stock into shares of common stock at a rate of 1,000 shares of common stock for every one (1) share of Series A preferred stock.

Other Matters

Each share of Series A preferred stock has a stated value of $1,000. In the event that the Company does not have sufficient available shares of common stock available to issue to the holder of shares of Series A preferred stock upon conversion of such holder's shares, the Company is then required to pay cash to redeem the shares of Series A preferred stock that could not be converted at a price based in part on the then recent closing sale prices of the Company's common stock.

Common Stock

The Company's Amended Certificate of Incorporation authorizes 100,000,000 shares of common stock, par value $0.000001 per share.

Voting Rights

Holders of shares of common stock are entitled to one vote per share held of record on all matters to be voted upon by the stockholders. At each election for directors every stockholder entitled to vote at such election shall have the right to vote, in person or by proxy, the number of shares owned by such stockholder for as many persons as there are directors to be elected at that time and for whose election such stockholder has a right to vote.

Dividend Rights

Holders of shares of common stock are entitled to ratably receive dividends when and if declared by the Board out of funds legally available for that purpose, subject to any prior rights and preferences that may be applicable to any outstanding preferred stock.

Liquidation Rights

Upon our voluntary or involuntary liquidation, dissolution, distribution of assets or other winding up, holders of shares of common stock are entitled to receive ratably the assets available for distribution to the stockholders after payment of liabilities and the liquidation preference of any of outstanding shares of preferred stock.

2022 Stock Transactions

In February 2022, the Company issued 150 shares of Series A preferred stock and 1,291,922 shares of common stock to management and advisors pursuant to services performed. The fair value of $1,441,922, or $1.00 per share (including the as-converted shares of preferred stock), was included in general and administrative expenses in the statements of comprehensive loss.

In March 2022, the Company received proceeds of $1,689,980 pursuant to the Subsequent Closing. Simultaneously with the proceeds from the Subsequent Closing, the 2021 Notes and $250,000 in related party accounts payable (see Note 11) converted into shares of common stock and preferred stock on a one-for-one basis (based on the as-converted calculation of preferred stock). Altogether, the Company issued 2,270 shares of preferred stock and 731,690 shares of common stock pursuant to an aggregate value of $3,001,667, consisting of the March 2022 Subsequent Closing and the note and payable conversions as stated above.

On September 13, 2022, the Company conducted the first closing of a private placement offering of its common stock to accredited investors (the "Pre-IPO Offering"). Pursuant to the Pre-IPO Offering, the Company sold an aggregate of 538,338 shares of common stock at a price of $1.08 per share for net proceeds of $429,711, after deducting costs paid to the placement agent. In connection with the Pre-IPO Offering, the Company issued warrants to purchase 37,683 shares of common stock to the placement agreement as additional offering costs (see Note 10).

PISHPOSH, INC. (FORMERLY PISH POSH BABY, LLC)

NOTES TO FINANCIAL STATEMENTS

In October 2022, the Company issued 150,000 shares of common stock pursuant to professional fees incurred for the Company's anticipated public offering. The value of the professional fees, $175,000, was capitalized as deferred offering costs as of December 31, 2022.

On October 19, 2022, the majority of all of the holders of (i) the issued and outstanding shares of common stock (the "Common Holders") and (ii) the issued and outstanding shares of Series A Preferred Stock (the "Preferred Holders"), and all of the Purchasers under the Securities Purchase Agreement (together with the Common Holders and the Preferred Holders, the "Holders") entered into an Omnibus Waiver, Consent and Exchange Agreement, pursuant to which the Holders agreed to, (1) amend and restate the Company's Certificate of Incorporation and the Certificate of Designation of its Series A Preferred Stock to, among other things, increase the number of authorized shares of Preferred Stock designated as Series A Preferred Stock and to increase the Beneficial Ownership Limitation from 4.99% to 9.99%, (2) terminate all prior lock-up agreements to which the Preferred Holders were a party pertaining to the Company's equity securities and replace and supersede all prior lock-up agreements to which the Common Holders were a party pertaining to the Company's equity securities with a new lock-up agreement to be entered into in connection with the IPO underwriting agreement, (3) permit the Preferred Holders to exchange an aggregate of 543,456 shares of Common Stock held by the Preferred Holders for shares of the Company's Series A Preferred Stock (the "Exchanged Series A Preferred Stock"), and (4) forever waive all registration rights granted to the Holders under the Securities Purchase Agreement.

Following the exchange of the Preferred Holders' shares of Common Stock into Exchanged Series A Preferred Stock, the Preferred Holders converted 1,291.085 shares of Series A Preferred Stock back into 1,291,085 shares of Common Stock.

As of December 31, 2022, there were 1,752.37 shares of preferred stock and 4,939,345 shares of common stock issued and outstanding.

2022 Equity Incentive Plan

The board and stockholders adopted the 2022 Equity Incentive Plan (the "2022 Equity Incentive Plan") on September 1, 2022 and October 19, 2022, respectively. The 2022 Equity Incentive Plan governs equity awards to employees, directors, officers, consultants, and other eligible participants. Under the 2022 Equity Incentive Plan there are 350,000 shares of common stock reserved for issuance. The types of awards permitted under the 2022 Equity Incentive Plan include nonqualified stock options, incentive stock options, stock appreciation rights, restricted stock, restricted stock units, and other awards. Each option shall be exercisable at such times and subject to such terms and conditions as the Board may specify. As of December 31, 2022,

the Company has not granted any awards under the 2022 Equity Incentive Plan.

&nbsp;&nbsp;&nbsp;&nbsp;10. WARRANTS

In addition to the issuance of shares of common stock and Series A preferred stock upon the Subsequent Closing, investors also received common stock purchase warrants representing the right to purchase 2,751,690 shares of common stock of the Company, which is equal to 100% on a fully diluted basis of the amount of shares of common stock that would be issued to such investor at the Subsequent Closing.

The warrants have an exercise price of $1.00 per share and are exercisable at any time after the date that the Company's shares of common stock have been approved for and are listed for trading on certain trading markets, including the Nasdaq Capital Market, and at any time up to the date that is five years after their original issuance.

In connection with the Pre-IPO Offering, the Company issued warrants to purchase 37,683 shares of common stock to the placement agreement. The warrants have an exercise price of $1.08 per share, are exercisable at any time, and expire in five years.

The following is a summary of warrant activity for the year ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
|  | **Warrants** | Weighted<br>Average<br>**Exercise Price** | Intrinsic Value |
| Outstanding as of December 31, 2021 | -  | $-  | $-  |
| &nbsp;&nbsp;&nbsp;Conversion of 2021 Notes and issuance of common and preferred stock in Subsequent Closing | 2751690 | 1.00 |  |
| &nbsp;&nbsp;&nbsp;Conversion of related party accounts payable into equity  | 250000 | 1.00 |  |
| &nbsp;&nbsp;&nbsp;Placement agent consideration for Subsequent Closing  | 240135 | 1.00 |  |
| &nbsp;&nbsp;&nbsp;Granted in connection with common stock issuance | 37683 | 1.08 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total warrants granted  | 3279508 | 1.00 |  |
| Outstanding as of December 31, 2022  | 3279508 | $1.00 | $-  |
| Exercisable as of December 31, 2022 | 37683 | $1.08 | $-  |

---

&nbsp;&nbsp;&nbsp;&nbsp;11. RELATED PARTY TRANSACTIONS

The Company received advances for purchases which were charged on credit cards owned by the previous Managing Member of Pish Posh Baby. As of December 31, 2022 and 2021, there were net advances of $830,783 and $1,061,294 outstanding, respectively, which are reflected as accounts payable – related party on the balance sheets.

In connection with the Subsequent Closing, in March 2022 the previous Managing Member converted $250,000 in advances owed into 250,000 shares of common stock and 250,000 warrants to purchase common stock.

PISHPOSH, INC. (FORMERLY PISH POSH BABY, LLC)

NOTES TO FINANCIAL STATEMENTS

During the year ended December 31, 2022, the Company paid the previous Managing Member $500,000 for compensation. Furthermore, in August 2022, the Company issued a convertible promissory note to the previous Managing Member pursuant to services performed in the principal amount of $950,000. The note bears interest at 5% per annum, with principal and interest payments payable monthly, and matures on May 15, 2023. The $1,450,000 expense was included in general and administrative expenses in the statements of comprehensive loss.

&nbsp;&nbsp;&nbsp;&nbsp;12. COMMITMENTS AND CONTINGENCIES

Lease Commitments

The Company's leases consist solely of retail showroom and office space in Lakewood, New Jersey which matures in October 2024.

The Company determines whether an arrangement is or contains a lease at inception by evaluating potential lease agreements including services and operating agreements to determine whether an identified asset exists that the Company controls over the term of the arrangement. Lease commencement is determined to be when the lessor provides access to, and the right to control, the identified asset.

The rental payments for the Company's leases are typically structured as either fixed or variable payments. Fixed rent payments include stated minimum rent and stated minimum rent with stated increases. The Company considers lease payments that cannot be predicted with reasonable certainty upon lease commencement to be variable lease payments, which are recorded as incurred each period and are excluded from the calculation of lease liabilities.

Management uses judgment in determining lease classification, including determination of the economic life and the fair market value of the identified asset. The fair market value of the identified asset is generally estimated based on comparable market data provided by third-party sources.

The Company has three sublease arrangements for total sublease income of approximately $2,600 per month. All subleases are month to month.

The Company's lease noted above is currently classified as an operating lease.

The components of the Company's lease costs, which are included in general and administrative expenses on the accompanying statement of comprehensive loss for the year ended December 31, 2022, are as follows:

---

| | |
|:---|:---|
| Operating lease cost | $88279 |
| Sublease income | (30464) |
| &nbsp;&nbsp;&nbsp;Total lease cost | $57815 |

---

Additional information related to the Company's lease for the year ended December 31, 2022 is as follows:

---

| | |
|:---|:---|
| Operating cash flows from operating lease<br>| $59569 |
| Right-of-use assets obtained in exchange for new operating lease liabilities<br>| $168112 |
| Remaining lease term - operating<br> lease<br>| 1.8 years |
| Discount rate - operating lease<br>| 8.0% |

---

As of December 31, 2022, the future minimum lease payments under operating lease liabilities are as follows:

---

| | |
|:---|:---|
| Year Ended December 31, |  |
| 2023 | $65054 |
| 2024 | 61116 |
| Total | $126170 |

---

Contingencies

The Company may be subject to pending legal proceedings and regulatory actions in the ordinary course of business. The results of such proceedings cannot be predicted with certainty, but the Company does not anticipate that the final outcome, if any, arising out of any such matters will have a material adverse effect on its business, financial condition or results of operations.

PISHPOSH, INC. (FORMERLY PISH POSH BABY, LLC)

NOTES TO FINANCIAL STATEMENTS

&nbsp;&nbsp;&nbsp;&nbsp;13. INCOME TAXES

The Company follows FASB ASC 740-10-10 whereby an entity recognizes deferred tax assets and liabilities for future tax consequences or events that have been previously recognized in the Company's financial statements or tax returns. The measurement of deferred tax assets and liabilities is based on provisions of enacted tax law. The effects of future changes in tax laws or rates are not anticipated. Through December 31, 2021, the Company was a limited liability company and all taxable losses flowed to the members.

At December 31, 2022, the Company has a net operating loss ("NOL") of approximately $3,833,000. Consequently, the Company may have NOL carryforwards available for federal and state income tax purposes. Deferred tax assets would arise from the recognition of anticipated utilization of these net operating losses to offset future taxable income.

The income tax (benefit) provision consists of the following:

---

| | |
|:---|:---|
|  | Year Ended |
|  | December 31, |
|  | 2022 |
| Current | $-  |
| Deferred | (1482829) |
| Change in deferred tax asset valuation allowance | 1482829 |
|  | $-  |

---

I

ncome tax expense was $0 for the years ended December 31, 2022 and 2021.

The reconciliation of the statutory federal rate to the Company's effective income tax rate is as follows:

---

| | | |
|:---|:---|:---|
|  | Year Ended | Year Ended |
|  | December 31, 2022 | December 31, 2022 |
|  | Amount | % |
| Income tax at U.S. federal income tax rate | $(1078177) | (21.0) |
| State income taxes, net of federal benefit | (404652) | (8) |
| Change in valuation allowance | 1482829 | 28.9 |
| Effective income tax | $- | -  |

---

The primary components of the Company's deferred tax assets and related valuation allowance as of December 31, 2022 are as follows:

---

| | |
|:---|:---|
|  | December 31, |
|  | 2022 |
| Deferred tax assets: |  |
| &nbsp;&nbsp;&nbsp; Net operating losses | $1077505 |
| &nbsp;&nbsp;&nbsp; Shares issued for services | 405324 |
|  | 1482829 |
| Valuation allowance | (1482829) |
| &nbsp;&nbsp;&nbsp; Net deferred tax assets | $-  |

---

In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which the net operating losses and temporary differences become deductible. Management considered projected future taxable income and tax planning strategies in making this assessment. The value of the deferred tax assets was offset by a valuation allowance, due to the current uncertainty of the future realization of the deferred tax assets.

There is no income tax benefit for the losses for the year ended December 31 2022 since management has determined that the realization of the net tax deferred asset is not assured and has created a valuation allowance for the entire amount of such benefits.

PISHPOSH, INC. (FORMERLY PISH POSH BABY, LLC)

NOTES TO FINANCIAL STATEMENTS

The timing and manner in which the Company can utilize operating loss carryforwards in any year may be limited by provisions of the Internal Revenue Code regarding changes in ownership of corporations. Such limitation may have an impact on the ultimate realization of its carryforwards and future tax deductions.

The Company follows FASB ASC 740-10, which provides guidance for the recognition and measurement of certain tax positions in an enterprise's financial statements. Recognition involves a determination of whether it is more likely than not that a tax position will be sustained upon examination with the presumption that the tax position will be examined by the appropriate taxing authority having full knowledge of all relevant information.

The Company's policy is to record interest and penalties associated with unrecognized tax benefits as additional income taxes in the statement of comprehensive income. As of January 1, 2022 the Company had no unrecognized tax benefits and no

charge during

2022, and accordingly, the Company did not recognize any interest or penalties during 2022 related to unrecognized tax benefits. There is no accrual for uncertain tax positions as of December 31, 2022.

The Company files U.S. income tax returns and a state income tax return. Tax years from 2018 through 2021 remain subject to examination by major tax jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;14. SUBSEQUENT EVENTS

From January 1, 2023 through March

28, 2023, the Company has received merchant advance proceeds of $475,000 and made repayments totaling $956,195.

On January 25, 2023, the Company issued three unsecured original issue discount promissory notes in the aggregate principal amount of $577,500, respectively (the "OID Notes"). The Company received proceeds in the aggregate amount of $550,000 in connection with the issuance of the OID Notes. No interest shall accrue on the OID Note prior to an event of default and after event of default, interest shall accrue at the rate of 24% per annum. The principal and all unpaid interest owed under each OID Note shall be due and payable on the earlier of (i) April 30, 2023, or (ii) three business days after the closing or abandonment of Company's anticipated initial public offering.

On March 8,

2023,

the Company was advised by Boustead Securities, LLC ("Boustead"), the Company's lead underwriter, that Boustead was postponing the Company's underwritten initial public offering that priced on March 7, 2023. The Company's shares of Common Stock were expected to begin trading on Nasdaq Capital Market on March 8, 2023, under the symbol "BABY." The Company's management intends to continue to focus on pursing its initial public offering at a later date.

The Company is presently conducting a private

offering (the "March 2023 Private Offering")

of up to $1,000,000 of its unsecured promissory notes ("New Notes") and warrants to purchase up to 1,000,000 shares of the Company's common stock. The New Notes will bear interest at a rate of 6% per annum and will mature (the "New Notes Maturity Date") on the earlier of two years from the date of the initial closing of such private placement or a liquidity event, as defined in the New Notes, which includes a firm commitment underwritten initial public offering of the Common Stock. Each of the New Notes will be coupled with an equal number of warrants (the "New Warrants") to purchase common stock (up to $1,000,000 warrants) at an exercise price of $1.00 per share. On the New Notes Maturity Date, the New Notes will be automatically repaid, and the proceeds payable shall be automatically applied to the exercise of the New Warrants. As of March 28, 2023, the Company has issued $650,000 of New Notes and have issued New Warrants to purchase 650,000 shares of common stock. The Company received net proceeds of $590,000.

## Exhibit 10.19

**Exhibit 10.19**

![](ms018_ex10-19img01.jpg)

**CONFIDENTIAL**

February 2, 2022

Mr. Jesse Sutton, Chief Executive Officer

**PishPosh, Inc.**

1915 Swarthmore Avenue

Lakewood, New Jersey 08701

USA

**Re: Proposed Pre-IPO, Initial Public Offering, and Corporate Finance Transactions**

Dear Mr. Sutton:

Boustead Securities, LLC together with its subsidiaries and affiliates (collectively, "Boustead"), is pleased to submit the following agreement for PishPosh, Inc., its subsidiaries, affiliates and or any other corporate entities that may be utilized from time to time ("the Company"), with respect to the planned corporate financing transactions, including the private placement of securities ("pre-IPO Financings") and the planned $15 million initial public offering of the Company stock ("IPO") that will be applied for listing on NASDAQ.

This agreement ("Agreement") states certain conditions and assumptions upon which the proposed pre-IPO Financings, and IPO, to be underwritten by Boustead, will be based. Boustead is pleased to act as exclusive financial advisor to the Company ("Advisor") in connection with the Company's intention to pursue the corporate finance activities described in this Agreement or any combination thereof (any such activities in Sections 2 below henceforth being referred to as a "Transaction").

The final terms of the pre-IPO Financings and IPO will be dictated by pre-existing investor interest, market conditions and ultimately the financial performance of the Company and its consolidated subsidiaries prior to the date of the offering documents in the case of the pre-IPO Financings, or the date that the Securities and Exchange Commission ("SEC") shall declare the Company's Form S-1 registration statement for the IPO to be effective in the case of the IPO (the "Offering Date").

It is our intent, immediately prior to the Offering Date, to enter into an Underwriting Agreement with the Company. Boustead will act as lead underwriter for the IPO on a "firm commitment" basis, as that term is used in securities offerings. We reserve the right to bring in such other co-managers and selected dealers for the offering as we shall determine who shall be reasonably acceptable to the Company. The Underwriting Agreement and related agreements shall contain such terms and conditions as are customarily contained in agreements of such character.

This Agreement will confirm the understanding and agreement between Boustead and the Company as follows:

Page \| 2

**1.**  **<u>Authority</u>** : Boustead shall have no authority to enter into any commitments on the Company's
behalf, or to negotiate the terms of any transaction, or to hold any funds or securities in connection with any transaction or to perform
any other acts on behalf of the Company without the Company's express written consent.

**2.**  **<u>Fees and Expenses</u>** : Boustead reserves the right to reduce any item of its compensation, including
expenses, or adjust the terms thereof as specified herein in the event that a determination and/or suggestion will be made by the Financial
Industry Regulatory Authority ("FINRA") to the effect that the underwriters' aggregate compensation is in excess of
FINRA rules or that the terms thereof require adjustment; provided, however, the aggregate compensation otherwise to be paid to the underwriters
by the Company may not be increased above the amounts stated herein as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a) <u>Success Fees</u>**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.  **<u>Transactions:</u>** Other than in the Company's normal course of business activities, any
sale, merger, acquisition, joint venture, strategic alliance, license, research and development, or other similar agreements shall accrue
compensation to Boustead under a percentage fee of the Aggregate Consideration (as defined below) calculated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 10.0% for Aggregate Consideration of less than
USD$10,000,000 plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 8.0% for Aggregate Consideration between USD$10,000,000
- USD$25,000,000, plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 6.0% for Aggregate Consideration between USD$25,000,001
- USD$50,000,000, plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 4.0% for Aggregate Consideration between USD$50,000,001
- USD$75,000,000, plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 2.0% for Aggregate Consideration between USD$75,000,001
- USD$100,000,000, plus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 1.0%
for Aggregate Consideration above USD$100,000,000

"Aggregate Consideration" is defined as the Transaction consideration including, but not limited to, (i) the value of the Transaction, including consideration whether in cash, stock or in-kind, received by and/or paid by the Company, (ii) the total amount of indebtedness for borrowed funds, capitalized lease obligations and non-trade liabilities of the Company that are either assumed by the acquirer, redeemed or otherwise satisfied in connection with the transaction, or which remain outstanding after the transaction is consummated; (iii) the fair market value of any assets excluded from the transaction; (iv) the fair market value of any ownership interests which are retained by the Company's shareholders or which remain outstanding after the transaction is consummated; and (v) the amount of any contingent payments, including, without limitation, earn-outs and future royalties payable in connection with the transaction.

Boustead Securities, LLC Direct phone: +1 949 295-1580 <br> 6 Venture, Suite 395 Email: keith@boustead1828.com <br> Irvine, CA 92618 USA Web: www.boustead1828.com

Page \| 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.  **<u>Financing:</u>** For each and any investment Transaction,
pre-IPO, IPO, or otherwise, including any common stock, preferred stock, ordinary shares, convertible stock, LLC or LP Memberships, debt,
convertible debentures, convertible debt, debt with warrants, stock warrants, stock options (excluding issuances to Company employees),
stock purchase rights, or any other securities convertible into common stock, any form of debt instrument involving any form of equity
participation, and including the conversion or exercise of any securities sold in any Transaction, Boustead shall receive upon each investment
Transaction closing a Success Fee, payable in (i) cash, equal to seven percent (7%) of the gross amount to be disbursed to the Company
from each such investment Transaction closing, plus (ii) a non-accountable expense allowance equal to one percent (1%) of the gross amount
to be disbursed to the Company from each such investment Transaction closing, plus (iii) warrants equal to seven percent (7%) of the gross
amount to be disbursed to the Company from each such investment Transaction closing, including (without limitation) shares issuable upon
conversion or exercise of the securities sold in any Transaction, and in the event that warrants or other rights are issued in the investment
Transaction, seven percent (7%) of the shares issuable upon exercise of the warrants or other rights, and in the event of a debt or convertible
debt Financing warrants to purchase an amount of Company stock equal to the seven percent (7%) of the gross amount or facility received
by the Company in a debt Financing divided by the Strike Price per Share. The warrant exercise price, i.e. the "Strike Price per
Share", shall be defined as the lower of: 1.) the fair market value price per share of the Company's common stock as of each
such Financing closing date, 2.) the price per share paid by investors in each respective Financing, **3.**) in the event that
securities convertible are sold in the Financing, the conversion price of such securities, or 4.) in the event that warrants or other
rights are issued in the Financing, the exercise price of such warrants or other rights.

&nbsp;&nbsp;&nbsp;&nbsp;**b)**  **<u>Accountable Expenses:</u>** The Company also agrees to reimburse Advisor, promptly when invoiced,
for all of its reasonable out-of-pocket expenses in connection with the performance of its services hereunder, regardless of whether a
Transaction occurs, including the following estimated expenses, with the aggregate amount of its out-of-pocket expenses as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Underwriters' legal counsel fees, which shall not exceed USD$125,000; USD$25,000 of which shall
be paid upon engagement of counsel, USD$25,000 of which shall be paid upon the closing of a Pre-IPO Offering of at least USD$500,000 in
gross proceeds to the Company following the execution of this Agreement, and the remainder of which shall be paid upon the closing of
the IPO;

Boustead Securities, LLC Direct phone: +1 949 295-1580 <br> 6 Venture, Suite 395 Email: keith@boustead1828.com <br> Irvine, CA 92618 USA Web: www.boustead1828.com

Page \| 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Due diligence and other expenses incurred prior to completion of the Transaction, which shall not exceed
USD$75,000, $50,000 of which shall be the closing of a Pre-IPO Offering of at least USD$500,000 in gross proceeds to the Company following
the execution of this Agreement, and is reimbursable to the Company to the extent not actually incurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Road show, travel, platform on-boarding fees, and other reasonable out-ofpocket accountable expenses which
shall not exceed USD$75,000, $50,000 of which shall be paid upon the filing of an application to list its shares on NASDAQ, providing
the closing of a Pre-IPO Offering of at least USD$500,000 in gross proceeds to the Company following the execution of this Agreement has
taken place, and is reimbursable to the Company to the extent not actually incurred;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. USD$8,000 for background checks on the Company's officers, directors and major shareholders.

Other than the above, any expense exceeding USD$5,000 shall be pre-approved in writing by the Company. Upon the earlier of the termination of this letter agreement or completion of a Transaction, the Company agrees to pay promptly in cash any unreimbursed expenses that have accrued as of such date. The advance will be returned to the Company to the extent such out-of-pocket accountable expenses are not actually incurred in accordance with FINRA Rule 5110(f)(2)(C).

---

| | |
|:---|:---|
| **c.)** | **<u>Warrants:</u>** Any and all warrants to be issued to Boustead will be due and payable upon the closing of each Transaction and shall be issued to Boustead in conjunction with the closing of each Transaction (unless otherwise agreed to in writing). The warrants will be transferable in accordance with FINRA rules and SEC regulations. The warrants shall be exercisable from the date of issuance and for a term of five (5) years. The warrants shall contain cashless exercise provisions and shall be non- callable and non-cancelable with immediate piggy-back registration rights, so that they are registered in the S-1 Registration Statement being filed by the Company for its IPO. The warrants shall also have customary anti-dilution provisions for stock dividends, splits, mergers, and any future stock issuances, etc., at a price(s) below said exercise price per share and shall provide for automatic exercise immediately prior to expiration. The warrants will contain such other terms and conditions no less favorable to Boustead than the term and conditions of any warrants issued to the participants in the Transaction. The Warrants earned by Boustead pursuant to this Agreement shall be promptly issued by the Company pursuant to a stock warrant agreement which, upon issuance by the Company, shall become a part of this Agreement and be enforceable by the terms of this Agreement. |

---

&nbsp;&nbsp;&nbsp;&nbsp;**3.**  **<u>Escrow:</u>** The cash portion of any Success Fees will be due and payable upon the closing of
each pre-IPO Transaction and or the IPO and will be payable directly to Boustead from the escrow established for such closing or in such
other manner as may be acceptable to Boustead. The Company shall establish and maintain an SEC compliant offering deposit or escrow account
with Boustead affiliate Sutter Securities Clearing, LLC for the closing of any pre-IPO Transaction or the IPO, as applicable. The cash
management fees for the offering deposit account shall be one half of one percent (0.50%) of the gross pre-IPO Financing proceeds. In
addition, should the Company list the offering on www.flashfunders.com or a white label version thereof, the Company shall pay a listing
fee of $25,000 payable upon such listing.

Boustead Securities, LLC Direct phone: +1 949 295-1580 <br> 6 Venture, Suite 395 Email: keith@boustead1828.com <br> Irvine, CA 92618 USA Web: www.boustead1828.com

Page \| 5

&nbsp;&nbsp;&nbsp;&nbsp;**4.**  **<u>Indemnification</u>** : The Company agrees to indemnify Boustead as set forth in Exhibit A annexed
hereto and made a part hereof.

&nbsp;&nbsp;&nbsp;&nbsp;**5.**  **<u>Successors:</u>** This Agreement shall be binding upon any and all successors and assigns of the
Company (including any corporation surviving any merger to which the Company is a party). Boustead shall be permitted to assign its rights
or delegate its obligations hereunder by operation of law, including as a result of the partial or total merger or consolidation of Boustead
with another entity.

&nbsp;&nbsp;&nbsp;&nbsp;**6.**  **<u>Term:</u>** The term of this Agreement (the "Engagement Period") will expire twelve
(12) months from the date Boustead receives an executed copy of this Agreement from the Company. However, should the IPO not be completed
within six months of the first filing of the S-1 Registration Statement with the SEC, then the Company may terminate the Agreement. The
Engagement Period may be extended for additional six (6) month periods under the same terms and conditions as described herein by mutual
written agreement of the Company and Boustead. Unless otherwise provided, Boustead shall be entitled to fees and expenses under Section
2 above based on the completion of a Transaction prior to the termination or expiration of this Agreement. Upon the termination or expiration
of the Agreement, the Company shall pay Boustead any and out-of-pocket expenses incurred up to the date thereof. In addition and unless
otherwise provided for, during the twelve (12) month period following the termination or expiration of this Agreement (the "Tail"),
Boustead shall be entitled to a Success Fee(s), as defined above, if the Company completes a Transaction with a party, including any investor
in the pre-IPO and IPO financings, or any party who became aware of the Company or who became known to the Company prior to such termination
or expiration of this Agreement (collectively, the "Identified Party (ies)"). Identified Parties shall include, but not be
limited to, Company officers, directors, employees, consultants, advisors, shareholders, members, and partners.

&nbsp;&nbsp;&nbsp;&nbsp;**7.**  **<u>Future Services:</u>** The Company agrees that it shall provide Boustead the right of first refusal
for two (2) years from the later of the consummation of IPO or termination or expiration of this Agreement to act as Financial Advisor
on at least equal economic terms on any public or private financing (debt or equity), merger, business combination, recapitalization or
sale of some or all of the equity or assets of the Company, whether in conjunction with another broker-dealer or on the Company's
own volition, (collectively, "Future Services"). The Company shall notify Boustead of a proposed Transaction to enable Boustead
to exercise its right of first refusal to provide Future Services, Boustead shall notify the Company of its election to provide such Future
Services, including notification of the compensation and other terms to which Boustead claims to be entitled, within thirty (30) days
of written notice by the Company of the Proposed Transaction. For the Future Services, Boustead will be compensated consistent with Section
2 of this Agreement, unless mutually agreed otherwise by the Company and Boustead. Boustead shall be entitled to compensation under Section
2 in the event the Company conducts a Transaction and does not provide notice to Boustead of such Transaction pursuant to this Agreement.

Boustead Securities, LLC Direct phone: +1 949 295-1580 <br> 6 Venture, Suite 395 Email: keith@boustead1828.com <br> Irvine, CA 92618 USA Web: www.boustead1828.com

Page \| 6

&nbsp;&nbsp;&nbsp;&nbsp;**8.**  **<u>Governing Law; Dispute Resolution</u>** : This Agreement shall be deemed to have been made in the
State of Delaware and shall be construed, and the rights and liabilities determined, in accordance with the law of the State of Delaware,
without regard to the conflicts of laws rules of such jurisdiction. Any controversy or claim relating to or arising from this Agreement
(a "Dispute") shall be settled, as applicable, in federal court located in Los Angeles, California. Should a Dispute not rise
to meet the qualifications of filing in federal court in Los Angeles, CA, then the Dispute shall be resolved by arbitration in accordance
with the Arbitration Rules of FINRA as such rules may be modified herein or as otherwise agreed by the parties in controversy. The forum
for arbitration shall be Orange County, California. Following thirty (30) days' notice by any party of intention to invoke arbitration,
any Dispute arising under this Agreement and not mutually resolved within such thirty (30) day period shall be determined by the arbitrators
upon which the parties agree. In the event a suit, action, arbitration, or other proceeding of any nature whatsoever, including, without
limitation, any proceeding under the U.S. Bankruptcy Code, is instituted by any party to interpret or enforce any provision of this Agreement,
then the prevailing party shall be entitled to recover from the other parties its reasonable attorneys', paralegals', accountants',
and other experts' fees, and all other fees, costs, and expenses actually incurred and reasonably necessary in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;**9.**  **<u>WAIVER OF JURY TRIAL</u>.** EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE AND AGREES
NOT TO REQUEST A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE ARISING OUT OF OR RELATING TO THIS AGREEMENT.

**10.**  **<u>USA Patriot Act:</u>** Boustead is committed to complying with U.S. statutory and regulatory requirements
designed to combat money laundering and terrorist financing. The USA Patriot Act requires that all financial institutions obtain certain
identification documents or other information in order to comply with their customer identification procedures.

**11.**  **<u>Confidentiality:</u>** All non-public information concerning the Company and its subsidiaries
which is given to Boustead will be used by Boustead solely in the course of the performance of its services hereunder and Boustead and
any retained advisors and agents will use commercially reasonable efforts for such information to be treated confidentially for as long
as such information remains non-public. Except as otherwise required by law, Boustead will not use such information or disclose such information
to a third party, other than its Representatives (as herein defined) who have a need to know such information in connection with the transaction
contemplated by this Agreement and who agree to keep such information confidential.

Boustead Securities, LLC Direct phone: +1 949 295-1580 <br> 6 Venture, Suite 395 Email: keith@boustead1828.com <br> Irvine, CA 92618 USA Web: www.boustead1828.com

Page \| 7

This Agreement is for confidential use of the Company and Boustead only and may not be disclosed by the Company to any person other than its attorneys, accountants and financial advisors, and only on a confidential basis in connection with the proposed transaction or financing, except where disclosure is required by law or is mutually consented to in writing by Boustead and the Company.

**12.**  **<u>Access to Information:</u>** In connection with Boustead activities the Company's behalf,
the Company agrees that it will furnish Boustead with all information concerning the Company and the Transaction that Boustead reasonably
deems appropriate and that the Company will provide Boustead with reasonable access to its officers, accountants, attorneys and other
professional advisors. The Company represents that all information made available to Boustead will be complete and correct in all material
respects and will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the
statements therein not misleading in light of the circumstances under which such statements are made. In rendering its services hereunder,
Boustead will be utilizing and relying on the information without independent verification thereof or independent appraisal of any of
the Company's assets.

**13.**  **<u>Disclosure:</u>** During the Engagement Period and for sixty (60) days thereafter, the Company
agrees not to issue any press releases or communications to the public relating to this engagement or the Transactions without Boustead
prior approval or unless otherwise required by law, which will not be unreasonably withheld or delayed, and the Company agrees that such
press release will state that the transaction and/or financing was arranged by Boustead, unless we mutually agree otherwise or unless
otherwise required by law. The Company further agrees that Boustead may, at its own expense, publicize its services to the Company hereunder,
including, without limitation, issuing press releases, placing advertisements and referring to the transaction or financing on Boustead's
website.

**14.**  **<u>Modification:</u>** This Agreement may not be modified or amended except in writing duly executed
by the parties hereto.

**15.**  **<u>Notices</u>** . Any notices given hereunder shall be in writing and may be delivered by hand, e-mail,
fax or first-class mail to the following addresses (or at such other email, fax number or address as shall hereafter be specified by such
party by like notice):

Boustead Securities, LLC Direct phone: +1 949 295-1580 <br> 6 Venture, Suite 395 Email: keith@boustead1828.com <br> Irvine, CA 92618 USA Web: www.boustead1828.com

Page \| 8

If to the Company, to:

Mr. Jesse Sutton, Chief Executive Officer

PishPosh, Inc.

1915 Swarthmore Avenue

Lakewood, New Jersey 08701

Fax:

Email: <u>jesse@pishposhbaby.com</u>

In the case of Boustead:

Mr. Keith Moore, CEO

Boustead Securities, LLC

6 Venture, Suite 395

Irvine, CA 92618

Fax: 815-301-8099

Email: <u>keith@boustead1828.com</u>

Notices shall be deemed to have been given contemporaneously in the case of fax or email. Notices given by first class mail shall be deemed to have been given seven days after mailing. Evidence that the notice was properly addressed, stamped and mailed shall be prima facie evidence of mailing.

&nbsp;&nbsp;&nbsp;&nbsp;**16.**  **<u>Waiver</u>** . Neither Boustead's nor the Company's failure to insist at any time upon
strict compliance with this Agreement or any of its terms nor any continued course of such conduct on their part shall constitute or be
considered a waiver by Boustead or the Company of any of their respective rights or privileges under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**17.**  **<u>Severability</u>** . If any provision herein is or should become inconsistent with any present
or future law, rule or regulation of any sovereign government or regulatory body having jurisdiction over the subject matter of this Agreement,
such provision shall be deemed to be rescinded or modified in accordance with such law, rule or regulation. In all other respects, this
Agreement shall continue to remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;**18.**  **<u>Counterparts</u>** . This Agreement may be executed in two or more counterparts, each of which
shall be deemed an original, and will become effective and binding upon the parties at such time as all of the signatories hereto have
signed a counterpart of this Agreement. All counterparts so executed shall constitute one Agreement binding on all of the parties hereto,
notwithstanding that all of the parties are not signatory to the same counterpart. Each of the parties hereto shall sign a sufficient
number of counterparts so that each party will receive a fully executed original of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;**19.**  **<u>Entire Agreement</u>** . This Agreement (together with Exhibit A hereto) constitutes the entire
agreement between the Company and Boustead. No other agreements, covenants, representations or warranties, express or implied, oral or
written, have been made by any party hereto to any other party concerning the subject matter hereof. All prior and contemporaneous conversations,
negotiations, possible and alleged agreements, representations, covenants and warranties concerning the subject matter hereof are merged
herein and shall be of no further force or effect.

Boustead Securities, LLC Direct phone: +1 949 295-1580 <br> 6 Venture, Suite 395 Email: keith@boustead1828.com <br> Irvine, CA 92618 USA Web: www.boustead1828.com

Page \| 9

**20.**  **<u>English Language</u>** . This Agreement is expressed in the English language. If this Agreement
is translated by either party to another language for any purpose, the English language version shall govern over any translation in the
event of any inconsistency, discrepancy or conflict in interpretation. All communications, notices, and other actions relating to this
Agreement shall be in the English language.

**21.**  **<u>Non-Circumvention</u>** . Other than as provided for herein, the Company agrees to NOT proceed
with any operating relationship or transaction with any investors, introduced client, entities or persons or any other contact introduced
by Boustead to the Company. The Company agrees to NOT to attempt to contact any Investors, entities or persons or any other contact introduced
by Boustead to the Company without prior written approval from Boustead. This Section shall survive termination or expiration of the Agreement.

**22.**  **<u>Non-Solicitation.</u>** Absent the written consent of the other parties, no party will, during
the term of this Agreement and continuing for a period of one (1) year from the date of termination of this Agreement, solicit or attempt
to entice away, hire or engage any person who is at any time during the Engagement Period employed or engaged to perform services by the
other party. Notwithstanding the foregoing, the restrictions in this Section shall not apply to employees or consultants who have been
terminated by a party and are not subject to restrictive contractual obligations or covenants (including but not limited to any non-competition
or garden leave provisions) with respect to such party.

**23.**  **<u>No Commitment or Guarantee</u>.** The execution of this Agreement does not constitute a commitment
by Boustead or the Company to consummate any transaction contemplated hereunder and does not ensure the successful placement of securities
of any investment vehicle or the success of Boustead with respect to finding any investors or the success with respect to any Financing.
No promises or representations have been made except as expressly set forth in this Agreement and the parties have not relied on any promises
or representations except as expressly set forth in this Agreement. Boustead does not guarantee that they will be successful in identifying
or referring Investors and shall have no liability to the Company or any investment vehicle in the event that no Investors are identified,
any Investor decides not to invest, and/or if the Company decides not to accept an Investor's investment or separately managed account.

**24.**  **<u>Further Assurances</u>.** The parties shall afford each other reasonable assurances, including
written representations and access to any correspondence, agreements, or other documents, which the other party may reasonably request
for the purpose of verifying compliance with the terms and conditions of this Agreement.

Boustead Securities, LLC Direct phone: +1 949 295-1580 <br> 6 Venture, Suite 395 Email: keith@boustead1828.com <br> Irvine, CA 92618 USA Web: www.boustead1828.com

Page \| 10

Please confirm that the foregoing is in accordance with our understanding by signing and returning one copy of this Agreement to Boustead to indicate the Company's acceptance of the terms set forth herein.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Very truly yours, | Boustead Securities, LLC | Boustead Securities, LLC |
|  | By: | /s/ Keith Moore |
|  | Mr. Keith Moore, CEO | Mr. Keith Moore, CEO |

---

---

| | |
|:---|:---|
| Accepted as of the date first above written: | Accepted as of the date first above written: |
| PishPosh, Inc. | PishPosh, Inc. |
| By: | /s/ Jesse Sutton |
| Mr. Jesse Sutton; Chief Executive Officer | Mr. Jesse Sutton; Chief Executive Officer |

---

Boustead Securities, LLC Direct phone: +1 949 295-1580 <br> 6 Venture, Suite 395 Email: keith@boustead1828.com <br> Irvine, CA 92618 USA Web: www.boustead1828.com

Page \| 11

**<u>Exhibit A: Indemnification</u>**

The Company agrees that it shall indemnify and hold harmless, Boustead, its members, managers, officers, employees, agents, affiliates and controlling persons within the meaning of Section 20 of the Securities Exchange Act of 1934 and Section 15 of the Securities Act of 1933, each as amended (any and all of whom are referred to as an "Indemnified Party"), from and against any and all losses, claims, damages, liabilities, or expenses, and all actions in respect thereof (including, but not limited to, all legal or other expenses reasonably incurred by an Indemnified Party in connection with the investigation, preparation, defense or settlement of any claim, action or proceeding, whether or not resulting in any liability), incurred by an Indemnified Party with respect to, caused by, or otherwise arising out of any transaction contemplated by this Agreement or Boustead's performing the services contemplated hereunder; provided, however, the Company will not be liable to the extent, and only to the extent, that any loss, claim, damage, liability or expense is finally judicially determined to have resulted primarily from Boustead's gross negligence or bad faith in performing such services.

If the indemnification provided for herein is conclusively determined (by an entry of final judgment by a court of competent jurisdiction and the expiration of the time or denial of the right to appeal) to be unavailable or insufficient to hold any Indemnified Party harmless in respect to any losses, claims, damages, liabilities or expenses referred to herein, then the Company shall contribute to the amounts paid or payable by such Indemnified Party in such proportion as is appropriate and equitable under all circumstances taking into account the relative benefits received by the Company on the one hand and Boustead on the other, from the transaction or proposed transaction under the Agreement or, if allocation on that basis is not permitted under applicable law, in such proportion as is appropriate to reflect not only the relative benefits received by the Company on the one hand and Boustead on the other, but also the relative fault of the Company and Boustead; provided, however, in no event shall the aggregate contribution of Boustead and/or any Indemnified Party be in excess of the net compensation actually received by Boustead and/or such Indemnified Party pursuant to this Agreement.

The Company shall not settle or compromise or consent to the entry of any judgment in or otherwise seek to terminate any pending or threatened action, claim, suit or proceeding in which any Indemnified Party is or could be a party and as to which indemnification or contribution could have been sought by such Indemnified Party hereunder (whether or not such Indemnified Party is a party thereto), unless such consent or termination includes an express unconditional release of such Indemnified Party, reasonably satisfactory in form and substance to such Indemnified Party, from all losses, claims, damages, liabilities or expenses arising out of such action, claim, suit or proceeding.

In the event any Indemnified Party shall incur any expenses covered by this Exhibit A, the Company shall reimburse the Indemnified Party for such covered expenses within ten (10) business days of the Indemnified Party's delivery to the Company of an invoice therefor, with receipts attached. Such obligation of the Company to so advance funds may be conditioned upon the Company's receipt of a written undertaking from the Indemnified Party to repay such amounts within ten (10) business days after a final, non-appealable judicial determination that such Indemnified Party was not entitled to indemnification hereunder. The foregoing indemnification and contribution provisions are not in lieu of, but in addition to, any rights which any Indemnified Party may have at common law hereunder or otherwise, and shall remain in full force and effect following the expiration or termination of Boustead's engagement and shall be binding on any successors or assigns of the Company and successors or assigns to all or substantially all of the Company's business or assets.

Boustead Securities, LLC Direct phone: +1 949 295-1580 <br> 6 Venture, Suite 395 Email: keith@boustead1828.com <br> Irvine, CA 92618 USA Web: www.boustead1828.com

## Exhibit 10.20

**Exhibit 10.20** 

**Amendment to Engagement Letter Agreement**

This Amendment dated March 22, 2023 (the "**Amendment**") to the Letter Agreement (the "**Letter Agreement**") dated February 2, 2022 between Boustead Securities, LLC ("**Boustead**") and PishPosh, Inc., a Delaware corporation (the "**Company**," and together with Boustead, the "**Parties**", and each, a "**Party**").

**WHEREAS**, the Parties hereto desire to amend the Letter Agreement in accordance with Section 14 of the Letter Agreement.

**NOW, THEREFORE**, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Definitions</u>. Capitalized terms used and not defined in this Amendment have the respective meanings assigned to them in the Letter Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Amendments to the Letter Agreement</u>. The Letter Agreement is hereby amended or modified as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Section 6 of the Letter Agreement is hereby deleted in its entirety and replaced with the following:

"6. <u>Term</u>: The term of this Agreement (the "Engagement Period") will expire on September 30, 2023. The Engagement Period may be extended for additional six (6) month periods under the same terms and conditions as described herein by mutual written agreement of the Company and Boustead. Unless otherwise provided, Boustead shall be entitled to fees and expenses under Section 2 above based on the completion of a Transaction prior to the termination or expiration of this Agreement. Upon the termination or expiration of the Engagement Period, the Company shall pay Boustead any and out-of-pocket expenses incurred up to the date thereof. In addition and unless otherwise provided for, during the period commencing on the termination or expiration of the Engagement Period and ending on February 2, 2024 (the "Tail"), Boustead shall be entitled to a Success Fee(s), as defined above, if the Company completes a Transaction with a party, including any investor in the pre-IPO and IPO financings, or any party who became aware of the Company or who became known to the Company prior to such termination or expiration of this Agreement (collectively, the "Identified Party (ies)"). Identified Parties shall include, but not be limited to, Company officers, directors, employees, consultants, advisors, shareholders, members, and partners."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Section 25 is hereby added to the Letter Agreement as follows:</u>

"25. <u>Release</u>: Effective and conditioned upon the consummation by the Company of a sale of a minimum of $750,000 of its promissory notes and related warrants (with terms and conditions substantially similar to the promissory notes and warranted attached hereto as <u>Exhibit A</u>) on or before April 15, 2023 (the "**Notes Transaction**"), the Company, on behalf of itself, and its affiliates, subsidiaries, principals, agents, employees, officers, shareholders, members, directors, managers, employees, contractors, partners, heirs, family members, executors, administrators, and assigns, as applicable (collectively, the "<u>Releasing Parties</u>", and separately, a "<u>Releasing Party</u>"), hereby fully and forever release Boustead, or any of its affiliates, and its officers, directors, employees, investors, shareholders, administrators, affiliates, divisions, subsidiaries, predecessor and successor corporations, and assign (collectively, the "<u>Released Parties</u>" and separately, the "<u>Released Party</u>"), from, and agrees not to sue any of the Released Parties concerning, any claim, duty, obligation or cause of action relating to any matters of any kind, whether presently known or unknown, suspected or unsuspected, that Releasing Parties may possess arising from any omissions, acts or facts that have occurred up until the consummation of the Notes Transaction and that are related to or arising from the Underwriting Agreement dated March 7, 2023 by and between Boustead and the Company (collectively, the "**Released Claims**").

By executing this Amendment, (i) the Releasing Parties represent that they have no lawsuits, claims, or actions pending in their name, or on behalf of any other person or entity, against the Released Parties. And (ii) each Releasing Party specifically agrees not to and shall use its best efforts to have its successors, assigns, officers, directors, shareholders, attorneys, agents, employees and representatives not to file any lawsuits in any court (state or federal) or to file any charges with local, state or federal administrative agencies concerning the Released Claims during the Engagement Period or, upon the consummation of a Notes Transaction, thereafter."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Amendment is governed by and construed in accordance with the laws of the State of New York, without regard to the conflict of laws provisions of such State, and further as set forth in Section 8 of the Letter Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The headings in this Amendment are for reference only and do not affect the interpretation or validity of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Amendment may be executed in counterparts, each of which is deemed an original, but all of which constitute one and the same agreement. Delivery of an executed counterpart of this Amendment electronically or by facsimile shall be effective as delivery of an original executed counterpart of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This Amendment amends Section 6 of the Letter Agreement, adds Section 25 to the Letter Agreement and all other terms and provisions of the Letter Agreement remain in full force and effect.

*[SIGNATURE PAGE FOLLOWS]*

**IN WITNESS WHEREOF**, the Parties have executed this Amendment as of the date first written above.

---

| | |
|:---|:---|
| **Boustead Securities, LLC** | **Boustead Securities, LLC** |
| By: | /s/ Keith Moore |
| Name: | Keith Moore |
| Title: | Chief Executive Officer |
| **PishPosh, Inc.** | **PishPosh, Inc.** |
| By: | /s/ Chaim (Charlie) Birnbaum |
| Name: | Chaim (Charlie) Birnbaum |
| Title: | Chief Executive Officer |

---

*[Signature page to First Amendment to the Engagement Letter Agreement]*

## Exhibit 10.21

**Exhibit 10.21**

**THE SECURITIES TO BE ISSUED PURSUANT TO THIS AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED ("<u>SECURITIES ACT</u>"), OR ANY OTHER APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE OFFERED OR SOLD UNLESS REGISTERED THEREUNDER OR UNLESS AN EXEMPTION FROM SUCH REGISTRATION IS AVAILABLE.**

**SUBSCRIPTION AGREEMENT**

Mr. Chaim (Charlie) Birnbaum

Chief Executive Officer

PishPosh, Inc.

1915 Swarthmore Avenue

Lakewood, New Jersey 08701

Ladies and Gentlemen:

**<u>Subscription</u>**. The undersigned (sometimes referred to herein as the "<u>Investor</u>") hereby subscribes for and agrees to purchase the principal amount of the Notes and Warrants (as defined below) of PishPosh, Inc., a Delaware corporation (the "<u>Company</u>"), for the purchase price (the "<u>Purchase Price</u>") set forth on the signature page hereto (collectively, the "<u>Offering Documents</u>"). Terms not defined herein are as defined in the Offering Documents. The Company is seeking to raise, through a private placement of the Notes pursuant to Rule 506(b) promulgated under the Securities Act of 1933, as amended, up to $1,000,000 (the "<u>Maximum Offering Amount</u>") in this Offering. Boustead and the Company, in their sole discretion, may accept subscriptions in excess of the Maximum Offering Amount. The minimum amount of investment required from any one subscriber to participate in this Offering is $250,000, however, the Company reserves the right, in its sole discretion, to accept subscriptions less than this amount. The Company, in its sole discretion, has the right to terminate the Offering, return all subscription proceeds (without interest) and cancel all Notes and Warrants in the event that it has not accepted subscriptions for the Maximum Offering Amount by April 1, 2023. All references to $ or "dollar(s)" means United States dollars. The undersigned acknowledges that the Company has engaged Boustead Securities, LLC ("<u>Boustead</u>" or "<u>Placement Agent</u>") as its exclusive placement agent in connection with this offering.

**1.**  **<u>Description of Securities; Description of Company and Risk Factors</u>** .

---

| | |
|:---|:---|
| a. | <u>Description of Securities</u>. The Company is offering (the "<u>Offering</u>") to the Investor in the minimum subscription amount of $250,000, however, the Company reserves the right, in its sole discretion, to accept subscriptions less than this amount, units (the "Units") consisting of the Company's (i) 6% unsecured promissory notes (the "<u>Notes</u>" or a "<u>Note</u>"), which Notes shall be due upon the earlier of 24 months from the date of execution or completion of the Company's initial public offering and (ii) warrants to purchase Common Stock, with an exercise price of $1.00 per share (the "<u>Warrants</u>"), which Warrants shall be equal to 100% of the principal value of the Note. The Notes and Warrants shall be substantially in the form attached hereto as <u>Exhibit A</u> and <u>Exhibit B</u>, respectively. |
|  | This Offering is being conducted in advance of the Company's intended initial public offering ("<u>IPO</u>") of our common stock, par value $0.000001 per share (the "<u>Common Stock</u>"), and listing our Common Stock for trading on The Nasdaq Capital Market or other national securities exchange. |
|  | Under our engagement letter with Boustead, dated as of February 2, 2022 (the "<u>Engagement Letter</u>"), Boustead has been engaged as our exclusive financial advisor for the 12-month term of the Engagement Letter. In addition, Boustead has expressed its intent to enter into a new Underwriting Agreement with the Company to act as the lead underwriter for the proposed IPO on a "firm commitment" basis. There can be no assurance that we and Boustead will be able to agree on the terms of such a new Underwriting Agreement or that our proposed IPO will be successfully consummated. |

---

---

| | |
|:---|:---|
|  | The Notes, Warrants and shares issuable upon exercise of the Warrants (the "<u>Warrant Shares</u>") are sometimes referred to herein as the "<u>Securities</u>." The above referenced IPO, SPAC acquisition or Reverse Merger is sometimes hereinafter collectively referred to as a "<u>Liquidity Event</u>." |
| b. | <u>Risks Related to the Investment in the Securities</u>. Investor understands that investing in the Securities involves a high degree of risk. The Company has prepared and presented to the Investor, and the Investor has had the opportunity to review, a detailed set of risk factors concerning the Company, and the Investor has also been provided the opportunity to speak with the Company's management to discuss any questions that the Investor or its representatives have regarding the Company, the Offering and the Securities. |

---

**2.**  **<u>Purchase</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. I hereby agree
 to tender to Sutter Securities, Inc. (the " <u>Escrow Agent</u> "), by check or wire transfer of immediately available
 funds (to a bank account and related wire instructions to be provided to me on my request) made payable to "Sutter Securities,
 Inc., as Escrow Agent for PishPosh, Inc." for the principal amount of the Note indicated on the signature page hereto, an executed
 copy of this Subscription Agreement and an executed copy of my Investor Questionnaire attached as <u>Exhibit A</u> hereto. Funds
 will be held in escrow, as set forth in more detail below, pending the Initial Closing.

b. The Offering is for a maximum
 offering of up to the Maximum Offering Amount. All subscriptions to purchase Notes will be held in a noninterest-bearing escrow account
 (the " <u>Escrow Account</u> ") maintained by the Escrow Agent. The subscriptions will remain in the Escrow Account until
 the Company has accepted such subscriptions and the Company, in its sole discretion, may accept subscriptions in excess of the Maximum
 Offering Amount.

c. This Offering will continue
 until the earlier of (a) the sale Notes for the total Maximum Offering Amount, (b) April 1, 2023, or such extension date agreed to,
 in their sole mutual discretion, by the Company and Boustead (the " <u>Termination Date</u> "). Upon the earlier of a "Closing"
 (defined below) on my subscription or completion of the Offering, I will be notified promptly by the Company as to whether my subscription
 has been accepted by the Company.

d. The Company, in its sole
 discretion, has the right to terminate the Offering, return all subscription proceeds (without interest) and cancel all Notes and
 Warrants in the event that it has not accepted subscriptions for the Maximum Offering Amount by April 1, 2023.

**3.**  **<u>Acceptance or Rejection of Subscription</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. I understand
 and agree that the Company reserves the right to reject this subscription for the Securities, in whole or in part, for any reason
 and at any time prior to the "Closing" (defined below) of my subscription.

b. In the event the Company
 rejects this subscription, my subscription payment will be promptly returned to me without interest or deduction and this Subscription
 Agreement shall be of no force or effect. In the event my subscription is accepted and the Offering is completed, the subscription
 funds submitted by me shall be released to the Company.

**4. <u>Closing</u>**. The closing ("<u>Closing</u>") of this Offering may occur at any time and from time to time on or before the Termination Date. The Company may conduct an initial Closing (the "<u>Initial Closing</u>") at any time after the acceptance of an investor's subscription and the Initial Closing will be held and all funds will be released from the Escrow Account and paid to the Company, less professional fees and compensation paid to the Placement Agent and syndicate members, if any. Thereafter, additional Closings will be held as funds are received up to the earlier to occur of receipt of the Maximum Offering Amount or the Termination Date. Boustead and the Company, in their sole discretion, may accept subscriptions in excess of the Maximum Offering Amount. All subscriptions will be placed in escrow with the Escrow Agent. If, for any reason, at the Company's sole discretion, an investors subscription is rejected the subscribers funds will be returned to subscribers, without interest or deduction. The Securities subscribed for herein shall not be deemed issued to or owned by me until one copy of this Subscription Agreement has been executed by me and countersigned by the Company and the Closing with respect to such Securities has occurred.

**5. <u>Disclosure</u>**. Because this offering is limited to accredited investors as defined in Section 2(15) of the Securities Act, and Rule 501 promulgated thereunder, in reliance upon the exemption contained in Section 4(a)(2) of the Securities Act and applicable state securities laws, the Securities are being sold without registration under the Securities Act. I acknowledge receipt of the Offering Documents and represent that I have carefully reviewed and understand the Offering Documents, including all exhibits attached hereto. I have received all information and materials regarding the Company that I have requested. I fully understand that the Company has a limited financial and operating history and that the Securities are speculative investments which involve a high degree of risk, including the potential loss of my entire investment. I fully understand the nature of the risks involved in purchasing the Securities and I am qualified to make such investment based on my knowledge of and experience in investing in securities of this type. I have carefully considered the potential risks relating to the Company and purchase of its Securities and have, in particular, reviewed each of the risks set forth in the Offering Documents. Both my advisors and I have had the opportunity to ask questions of and receive answers from representatives of the Company or persons acting on its behalf concerning the Company and the terms and conditions of a proposed investment in the Company and my advisors and I have also had the opportunity to obtain additional information necessary to verify the accuracy of information furnished about the Company. Accordingly, I have independently evaluated the risks of purchasing the Securities.

**6. <u>Investor Representations and Warranties</u>**. I acknowledge, represent and warrant to, and agree with, the Company as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. I am aware
 that my investment involves a high degree of risk as disclosed in the Offering Documents and have read carefully the Offering Documents,
 and I understand that by signing this Subscription Agreement I am agreeing to be bound by all of the terms and conditions of the
 Offering Documents.

b. I acknowledge and am aware
 that there is no assurance as to the future performance of the Company.

c. I acknowledge that there
 may be certain adverse tax consequences to me in connection with my purchase of Securities, and the Company has advised me to seek
 the advice of experts in such areas prior to making this investment.

d. I am purchasing the Securities
 for my own account for investment purposes only and not with a view to or for sale in connection with the distribution of the Securities,
 nor with any present intention of selling or otherwise disposing of all or any part of the foregoing securities. I agree that I must
 bear the entire economic risk of my investment for an indefinite period of time because, among other reasons, the Securities have
 not been registered under the Securities Act or under the securities laws of any state and, therefore, cannot be resold, pledged,
 assigned or otherwise disposed of unless they are subsequently registered under the Securities Act and under applicable securities
 laws of certain states or an exemption from such registration is available. I hereby authorize the Company to place a restrictive
 legend on the Securities that are issued to me.

e. I recognize that the Securities,
 as an investment, involve a high degree of risk including, but not limited to, the risk of economic losses from operations of the
 Company and the total loss of my investment. I believe that the investment in the Securities is suitable for me based upon my investment
 objectives and financial needs, and I have adequate means for providing for my current financial needs and contingencies and have
 no need for liquidity with respect to my investment in the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. I have been
 given access to full and complete information regarding the Company and have utilized such access to my satisfaction for the purpose
 of obtaining information in addition to, or verifying information included in, the Offering Documents, and I have either met with
 or been given reasonable opportunity to meet with officers of the Company for the purpose of asking questions of, and receiving answers
 from, such officers concerning the terms and conditions of the offering of the Securities and the business and operations of the
 Company and to obtain any additional information, to the extent reasonably available.

g. I have such knowledge and
 experience in financial and business matters as to be capable of evaluating the merits and risks of an investment in the Securities
 and have obtained, in my judgment, sufficient information from the Company to evaluate the merits and risks of an investment in the
 Company. I have not utilized any person as my purchaser representative as defined in Regulation D under the Securities Act in connection
 with evaluating such merits and risks.

h. I have relied solely upon
 my own investigation in making a decision to invest in the Company.

i. I have received no representation
 or warranty from the Company or any of its officers, directors, employees or agents in respect of my investment in the Company and
 I have received no information (written or otherwise) from them relating to the Company or its business other than as set forth in
 the Offering Documents. I am not participating in the offer as a result of or subsequent to: (i) any advertisement, article, notice
 or other communication published in any newspaper, magazine or similar media or broadcast over television or radio or (ii) any seminar
 or meeting whose attendees have been invited by any general solicitation or general advertising.

j. I have had full opportunity
 to ask questions and to receive satisfactory answers concerning the offering and other matters pertaining to my investment and all
 such questions have been answered to my full satisfaction.

k. I have been provided an
 opportunity to obtain additional information concerning the Offering and the Company and all other information to the extent the
 Company possesses such information or can acquire it without unreasonable effort or expense.

l. I am an "accredited
 investor" as defined in Section 2(15) of the Securities Act and in Rule 501 promulgated thereunder and have attached the completed
 Accredited Investor Questionnaire to indicate my "accredited investor" status. I can bear the entire economic risk of
 the investment in the Securities for an indefinite period of time and I am knowledgeable about and experienced in making investments
 in the equity securities of non-publicly traded companies, including early stage companies. I am not acting as an underwriter or
 a conduit for sale to the public or to others of unregistered securities, directly or indirectly, on behalf of the Company or any
 person with respect to such securities.

m. I understand that (1) the
 Securities have not been registered under the Securities Act, or the securities laws of certain states, in reliance on specific exemptions
 from registration, (2) no securities administrator of any state or the federal government has recommended or endorsed this offering
 or made any finding or determination relating to the fairness of an investment in the Company, and (3) the Company is relying on
 my representations and agreements for the purpose of determining whether this transaction meets the requirements of certain exemptions
 from registration afforded by the Securities Act and certain state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. I understand
 that since neither the offer nor sale of the Securities has been registered under the Securities Act or the securities laws of any
 state, the Securities may not be sold, assigned, pledged or otherwise disposed of unless they are so registered or an exemption from
 such registration is available.

o. I have had the opportunity
 to seek independent advice from my professional advisors relating to the suitability of an investment in the Company in view of my
 overall financial needs and with respect to the legal and tax implications of such investment.

p. If the Investor is a corporation,
 company, trust, employee benefit plan, individual retirement account, Keogh Plan, or other tax-exempt entity, it is authorized and
 qualified to become an Investor in the Company and the person signing this Subscription Agreement on behalf of such entity has been
 duly authorized by such entity to do so.

q. The information contained
 in my Investor Questionnaire, as well as any information which I have furnished to the Company with respect to my financial position
 and business experience, is correct and complete as of the date of this Subscription Agreement and, if there should be any material
 change in such information prior to the Closing of the offering, I will furnish such revised or corrected information to the Company.
 I hereby acknowledge and am aware that except for any rescission rights that may be provided under applicable laws, I am not entitled
 to cancel, terminate or revoke this subscription and any agreements made in connection herewith shall survive my death or disability.

**7. Placement Agent.** The Company has engaged Boustead Securities LLC, a broker-dealer licensed with FINRA (the "<u>Placement Agent</u>"), as placement agent for the Offering on a reasonable best-efforts basis. The Company anticipates that the Placement Agent and its sub-agents or syndicate members will be paid at each Closing from the proceeds in the Escrow Account, fees including and not to exceed: a cash commission of seven percent (7%) of the gross Purchase Price paid by Subscribers in the Offering; a non-accountable expense allowance of one percent (1%) of the gross Purchase Price paid by Subscribers in the Offering; and will receive warrants to purchase a number of shares of Common Stock equal to seven percent (7%) of the Warrants sold in the Offering to investors, with a term of five (5) years from the relevant Closing Date, with an exercise price equal to the exercise price of the warrant issued to the Subscribers herein (the "<u>Placement Agent Warrants</u>"). Any sub-agent or syndicate member of the Placement Agent that introduces investors to the Offering will be entitled to share in the cash fees and Placement Agent Warrants attributable to those investors as described above, pursuant to the terms of an executed sub-agent or selected dealer agreement.

**8. Representations and Warranties of the Company**. When used in this Section 8, unless the context indicates otherwise, all references to the "Company" also mean and include the direct and indirect subsidiaries of the Company. The Company hereby represents and warrants to the Subscriber, as of the date hereof and on each Closing Date, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Organization and Qualification</u>. The Company and each of its subsidiaries, if any, is a corporation or other business entity duly organized,
 validly existing and in good standing under the laws of the jurisdiction of its formation, and has the requisite corporate power
 to own its properties and to carry on its business as now being conducted. The Company and each of its subsidiaries is duly qualified
 as a foreign corporation to do business and is in good standing in every jurisdiction in which the nature of the business conducted
 by it makes such qualification necessary, except to the extent that the failure to be so qualified or be in good standing would not
 have a material adverse effect on the assets, business, financial condition, results of operations or future prospects of the Company
 and its subsidiaries taken as a whole (a " <u>Material Adverse Effect</u> ").

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| | |
|:---|:---|
| b. | <u>Authorization, Enforcement, Compliance with Other Instruments</u>. (i) The Company has the requisite corporate power and authority to enter into and perform its obligations under this Agreement, and each of the Offering Documents and to issue the Securities in accordance with the terms hereof, (ii) the execution and delivery by the Company of each of the Offering Documents and the consummation by it of the transactions contemplated hereby and thereby, including, without limitation, the issuance of the Securities have been, or will be at the time of execution of such Offering Document, duly authorized by the Company's Board of Directors, and no further consent or authorization is, or will be at the time of execution of such Offering Document, required by the Company, its respective Board of Directors or its stockholders, (iii) each of the Offering Documents will be duly executed and delivered by the Company, (iv) the Offering Documents when executed and delivered by the Company and each other party thereto will constitute the valid and binding obligations of the Company enforceable against the Company in accordance with their terms, except as such enforceability may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally, the enforcement of creditors' rights and remedies. |
| c. | <u>Capitalization</u>. The authorized capital stock of the Company consists of 120,000,000 shares of capital stock consisting of (a) 100,000,000 shares of Common shares each with a par value of $0.000001 per share (the "<u>Common Stock</u>"), and (b) 20,000,000 shares of preferred stock, of which have been issued 8,263,876 shares of Common stock, options to purchase 1,100,00 shares of common stock, and 11, 5000 shares of common stock issuable upon exercise of placement agent warrants. The Company also issues Common Stock, stock options, restricted stock units or other forms of equity compensation from time to time in lieu of salary or services rendered to the Corporation at fair market value from the Company's equity incentive plan, pursuant to which it has reserved for issuance a total of 760,000 shares of Common Stock reserved for issuance under the Company's equity incentive plan. |
|  | All of the outstanding shares of Common Stock of the Company and all of the share capital of each of the Company's subsidiaries have been or will be, as of the Initial Closing, duly authorized, validly issued and are fully paid and nonassessable. No shares of capital stock of the Company or any of its subsidiaries will be subject to preemptive rights or any other similar rights or any liens or encumbrances suffered or permitted by the Company; (ii) aside from certain registration rights disclosed in the Company's currently effective registration statement on Form S-1, there are no agreements or arrangements under which the Company or any of its subsidiaries is obligated to register the sale of any of their securities under the Securities Act, and (iii) there are no securities or instruments of the Company or any of its subsidiaries containing anti-dilution or similar provisions, including the right to adjust the exercise, exchange or reset price under such securities, that will be triggered by the issuance of the Securities as described in this Agreement. Upon request, the Company will make available to the Subscriber true and correct copies of the Company's Certificate of Incorporation, as amended and as in effect on the date hereof (the "<u>Certificate of Incorporation</u>"), and the Company's By-laws, as amended as in effect on the date hereof (the "<u>By-laws</u>"), and the terms of all securities exercisable for Common Stock and the material rights of the holders thereof in respect thereto other than stock options issued to officers, directors, employees and consultants. |
| d. | <u>Subsidiaries and Affiliates</u>. The Company has no subsidiaries or affiliates. |
| e. | <u>Issuance of Securities</u>. The Securities are duly authorized and, upon issuance in accordance with the terms hereof, shall be duly issued, fully paid and nonassessable, and will be free and clear of all taxes, liens and charges with respect to the issue thereof. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>No Conflicts</u>.
 The execution, delivery and performance of each of the Offering Documents by the Company, and the consummation by the Company of
 the transactions contemplated hereby and thereby will not (i) result in a violation of the Certificate of Incorporation or the By-laws
 (or equivalent constitutive document) of the Company or any of its subsidiaries or (ii) violate or conflict with, or result in a
 breach of any provision of, or constitute a default (or an event which with notice or lapse of time or both would become a default)
 under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument
 to which the Company or any subsidiary is a party, except for those which would not reasonably be expected to have a Material Adverse
 Effect, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including U.S. federal and state
 securities laws and regulations) applicable to the Company or any subsidiary or by which any property or asset of the Company or
 any subsidiary is bound or affected except for those which could not reasonably be expected to have a Material Adverse Effect. Except
 those which could not reasonably be expected to have a Material Adverse Effect, neither the Company nor any subsidiary is in violation
 of any term of or in default under its constating documents. Except those which could not reasonably be expected to have a Material
 Adverse Effect, neither the Company nor any subsidiary is in violation of any term of or in default under any material contract,
 agreement, mortgage, indebtedness, indenture, instrument, judgment, decree or order or any statute, rule or regulation applicable
 to the Company or any subsidiary. The business of the Company and its subsidiaries is not being conducted, and shall not be conducted
 in violation of any law, ordinance, or regulation of any governmental entity, except for any violation which could not reasonably
 be expected, individually or in the aggregate, to have a Material Adverse Effect. Except as specifically contemplated by this Agreement
 and as required under the Securities Act and any applicable state securities laws, neither the Company nor any of its subsidiaries
 is required to obtain any consent, authorization or order of, or make any filing or registration with, any court or governmental
 agency in order for it to execute, deliver or perform any of its obligations under or contemplated by this Agreement or the other
 Offering Documents in accordance with the terms hereof or thereof. Neither the execution and delivery by the Company of the Offering
 Documents, nor the consummation by the Company of the transactions contemplated hereby or thereby, will require any notice, consent
 or waiver under any contract or instrument to which the Company or any subsidiary is a party or by which the Company or any subsidiary
 is bound or to which any of their assets is subject, except for any notice, consent or waiver the absence of which would not reasonably
 be expected, individually or in the aggregate, to have a Material Adverse Effect and would not adversely affect the consummation
 of the transactions contemplated hereby or thereby. All consents, authorizations, orders, filings and registrations which the Company
 or any of its subsidiaries is required to obtain pursuant to the preceding two sentences have been or will be obtained or effected
 on or prior to the Closing.

g. <u>Absence of Litigation</u>.
 There is no action, suit, claim, inquiry, notice of violation, proceeding (including any partial proceeding such as a deposition)
 or investigation before or by any court, public board, governmental or administrative agency, self-regulatory organization, arbitrator,
 regulatory authority, stock market, stock exchange or trading facility (an " <u>Action</u> ") now pending or, to the knowledge
 of the Company, threatened, against or affecting the Company or any of its subsidiaries, wherein an unfavorable decision, ruling
 or finding would (i) adversely affect the validity or enforceability of, or the authority or ability of the Company to perform its
 obligations under this Agreement or any of the other Offering Documents, or (ii) have a Material Adverse Effect.

h. <u>Acknowledgment Regarding Subscriber's Purchase of the Securities</u>. The Company acknowledges and agrees that each Subscriber is acting solely in the
 capacity of an arm's length purchaser with respect to the Offering Documents and the transactions contemplated hereby and thereby.
 The Company further acknowledges that each Subscriber is not acting as a financial advisor or fiduciary of the Company (or in any
 similar capacity) with respect to the Offering Documents and the transactions contemplated hereby and thereby and any advice given
 by such Subscriber or any of their respective representatives or agents in connection with the Offering Documents and the transactions
 contemplated hereby and thereby is merely incidental to such Subscriber's purchase of the Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>No General Solicitation</u>. Neither the Company, nor any of its "affiliates" (as defined in Rule 144 under the Securities Act),
 nor, to the knowledge of the Company, any person acting on its or their behalf, has engaged in any form of general solicitation or
 general advertising (within the meaning of Regulation D) in connection with the offer or sale of the Securities.

j. <u>No Integrated Offering</u>.
 Neither the Company, nor any of its affiliates, nor to the knowledge of the Company, any person acting on its or their behalf has,
 directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances
 that would require registration of the Securities under the Securities Act or cause this offering of the Securities to be integrated
 with prior offerings by the Company for purposes of the Securities Act.

k. <u>Employee Relations</u>.
 Neither the Company nor any subsidiary is involved in any labor dispute nor, to the knowledge of the Company, is any such dispute
 threatened. Neither the Company nor any subsidiary is party to any collective bargaining agreement. The Company's and/or its
 subsidiaries' employees are not members of any union, and the Company believes that its and its subsidiaries' relationship
 with their respective employees is good.

l. <u>Permits</u>. The Company
 and its subsidiaries have all authorizations, approvals, clearances, licenses, permits, certificates or exemptions (including manufacturing
 approvals and authorizations, pricing and reimbursement approvals, labeling approvals, registration notifications or their foreign
 equivalent) issued by any regulatory authority or governmental agency (collectively, " <u>Permits</u> ") required to conduct
 their respective businesses as currently conducted except to the extent that the failure to have such Permits would not have a Material
 Adverse Effect. The Company or its subsidiaries have fulfilled and performed in all material respects their obligations under each
 Permit, and, as of the date hereof, to the knowledge of the Company, no event has occurred or condition or state of facts exists
 which would constitute a breach or default or would cause revocation or termination of any such Permit except to the extent that
 such breach, default, revocation or termination would not have a Material Adverse Effect.

m. <u>Title</u>. Each of the
 Company and its subsidiaries has good and marketable title to all of its real and personal property and assets, free and clear of
 any material restriction, mortgage, deed of trust, pledge, lien, security interest or other charge, claim or encumbrance which would
 have a Material Adverse Effect. With respect to properties and assets it leases, each of the Company and its subsidiaries is in material
 compliance with such leases and holds a valid leasehold interest free of any liens, claims or encumbrances which would have a Material
 Adverse Effect.

n. <u>Rights of First Refusal</u>.
 The Company is not obligated to offer the Securities offered hereunder on a right of first refusal basis or otherwise to any third
 parties including, but not limited to, current or former stockholders of the Company, underwriters, brokers, agents or other third
 parties.

o. <u>Reliance</u>. The Company
 acknowledges that the Subscriber is relying on the representations and warranties made by the Company hereunder and that such representations
 and warranties are a material inducement to the Subscriber purchasing the Securities. The Company further acknowledges that without
 such representations and warranties of the Company made hereunder, the Subscribers would not enter into this Agreement.

p. <u>Brokers' Fees</u>.
 Aside from the fees owed to the Placement Agent, as set forth above, the Company does not have any liability or obligation to pay
 any fees or commissions to any broker, finder or agent with respect to the transactions contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q. <u>Off-Balance Sheet Arrangements</u>. There is no transaction, arrangement, or other relationship between the Company or any subsidiary and an
 unconsolidated or other off-balance sheet entity that is required to be disclosed by the Company in the Financial Statements and
 is not so disclosed or that otherwise would have a Material Adverse Effect.

r. <u>Investment Company</u>.
 The Company is not required to be registered as, and is not an affiliate of, and immediately following the Closing will not be required
 to register as, an "investment company" within the meaning of the Investment Company Act of 1940, as amended.

s. <u>Reliance</u>. The Company
 acknowledges that the Purchaser is relying on the representations and warranties made by the Company hereunder and that such representations
 and warranties are a material inducement to the Purchaser purchasing the Notes. The Company further acknowledges that without such
 representations and warranties of the Company made hereunder, the Purchaser would not enter into this Agreement.

**9. <u>Indemnification</u>**. I hereby agree to indemnify and hold harmless the Company and its officers, directors, shareholders, employees, agents, advisors and counsel, and Boustead Securities, LLC and its officers, directors, shareholders, employees, agents, advisors and counsel, against any and all losses, claims, demands, liabilities and expenses (including reasonable legal or other expenses, including reasonable attorneys' fees) incurred by each such person in connection with defending or investigating any such claims or liabilities, whether or not resulting in any liability to such person, to which any such indemnified party may become subject under the Securities Act, under any other statute, at common law or otherwise, insofar as such losses, claims, demands, liabilities and expenses (a) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact made by me and contained in this Subscription Agreement or my Investor Questionnaire, or (b) arise out of or are based upon any breach by me of any representation, warranty, or agreement made by me contained herein or therein.

**10. <u>Severability</u>**. In the event any parts of this Subscription Agreement are found to be void, the remaining provisions of this Subscription Agreement shall nevertheless be binding with the same force and effect as though the void parts were deleted.

**11. <u>Choice of Law and Jurisdiction</u>**. This Subscription Agreement shall be governed by the laws of the State of New York as applied to contracts entered into and to be performed entirely within the State of New York. Any action arising out of this Subscription Agreement shall be brought exclusively in a court of competent jurisdiction in New York County, New York, and the parties hereby irrevocably waive any objections they may have to venue in New York County, New York.

**12. <u>Counterparts</u>**. This Subscription Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument. The execution of this Subscription Agreement may be by actual or facsimile signature.

**13.**  **<u>Benefit</u>**. This Subscription Agreement shall be binding upon and inure to the benefit of the parties hereto.

**14. <u>Notices and Addresses</u>**. All notices, offers, acceptance and any other acts under this Subscription Agreement (except payment) shall be in writing, and shall be sufficiently given if delivered to the addresses in person, by Federal Express or similar courier delivery or by electronic facsimile delivered to the party's email address, as follows:

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| | |
|:---|:---|
| Investor: | At the address designated on the signature page of this Subscription Agreement.<br>Or the email address on the signature page of the Subscription Agreement |
| The Company: | Mr. Chaim (Charlie) Birnbaum<br> Chief Executive Officer<br> PishPosh, Inc.<br> 1915 Swarthmore Avenue<br> Lakewood, New Jersey 08701 |

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or to such other address as any of them, by notice to the others may designate from time to time. The transmission confirmation receipt from the sender's facsimile machine shall be conclusive evidence of successful facsimile delivery. Time shall be counted to, or from, as the case may be, the delivery in person or by mailing.

**15. <u>Entire Agreement</u>**. This Subscription Agreement, together with the Offering Documents, constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior oral and written agreements between the parties hereto with respect to the subject matter hereof. This Subscription Agreement may not be changed, waived, discharged, or terminated orally but, rather, only by a statement in writing signed by the party or parties against which enforcement or the change, waiver, discharge or termination is sought.

**16. <u>Section Headings</u>**. Section headings herein have been inserted for reference only and shall not be deemed to limit or otherwise affect, in any matter, or be deemed to interpret in whole or in part, any of the terms or provisions of this Subscription Agreement.

**17. <u>Survival of Representations, Warranties and Agreements</u>**. The representations, warranties and agreements of Investor contained herein shall survive the delivery of, and the payment for, the Securities.

**18. <u>Acceptance of Subscription</u>**. The Company may accept this Subscription Agreement at any time for all or any portion of the Securities subscribed for by executing a copy hereof as provided and notifying me within a reasonable time thereafter.

<u>RESIDENTS OF ALL STATES</u>: THE SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION AND ARE BEING OFFERED AND SOLD IN RELIANCE ON EXEMPTIONS FROM THE REGISTRATION REQUIREMENTS OF SAID ACT AND SUCH LAWS. THE SECURITIES ARE SUBJECT TO RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER SAID ACT AND SUCH LAWS PURSUANT TO REGISTRATION OR EXEMPTION THEREFROM. INVESTORS SHOULD BE AWARE THAT THEY WILL BE REQUIRED TO BEAR THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES AND EXCHANGE COMMISSION, ANY STATE SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY, NOR HAVE ANY OF THE FOREGOING AUTHORITIES PASSED UPON OR ENDORSED THE MERITS OF THIS OFFERING OR THE ACCURACY OR ADEQUACY OF THE OFFERING DOCUMENTS. ANY REPRESENTATION TO THE CONTRARY IS UNLAWFUL.

<u>SALES IN FLORIDA</u>: THE SECURITIES OFFERED HEREBY WILL BE SOLD, AND ACQUIRED, IN A TRANSACTION EXEMPT UNDER SECTION 517.061(11) OF THE FLORIDA SECURITIES AND INVESTOR PROTECTION ACT. THE SECURITIES HAVE NOT BEEN REGISTERED UNDER SAID ACT IN THE STATE OF FLORIDA. PURSUANT TO SECTION 517.061(11) OF THE FLORIDA SECURITIES AND INVESTOR PROTECTION ACT, WHEN SALES ARE MADE TO FIVE (5) OR MORE PERSONS IN THE STATE OF FLORIDA, ANY SALE IN THE STATE OF FLORIDA MADE PURSUANT TO SECTION 517.061(11) OF SUCH ACT IS VOIDABLE BY THE PURCHASER IN SUCH SALE (WITHOUT INCURRING ANY LIABILITY TO THE COMPANY OR TO ANY OTHER PERSON OR ENTITY) EITHER WITHIN THREE (3) DAYS AFTER THE FIRST TENDER OF CONSIDERATION IS MADE BY SUCH PURCHASER TO THE ISSUER, AN AGENT OF THE ISSUER, OR AN ESCROW AGENT OR WITHIN THREE (3) DAYS AFTER THE AVAILABILITY OF THAT PRIVILEGE IS COMMUNICATED TO SUCH PURCHASER, WHICHEVER OCCURS LATER. TO VOID HIS OR HER PURCHASE, THE PURCHASER NEED ONLY SEND A LETTER OR TELEGRAM TO THE COMPANY AT THE ADDRESS INDICATED HEREIN. ANY SUCH LETTER OR TELEGRAM SHOULD BE SENT AND POSTMARKED PRIOR TO THE END OF THE AFOREMENTIONED THREE (3) DAY PERIOD. IT IS PRUDENT TO SEND ANY SUCH LETTER BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO ASSURE THAT IT IS RECEIVED AND ALSO TO HAVE EVIDENCE OF THE TIME THAT IT WAS MAILED. SHOULD A PURCHASER MAKE THIS REQUEST ORALLY, THAT PURCHASER MUST ASK FOR WRITTEN CONFIRMATION THAT THE REQUEST HAS BEEN RECEIVED. IF NOTICE IS NOT RECEIVED WITHIN THE TIME LIMIT SPECIFIED HEREIN, THE FOREGOING RIGHT TO VOID THE PURCHASE SHALL BE NULL AND VOID.

(Remainder of Page left intentionally blank.)

**THE AGGREGATE AMOUNT SUBSCRIBED FOR HEREBY IS:**

**$**________ **principal Notes**

Manner in Which Title is to be Held. (check one)

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| | |
|:---|:---|
| Individual Ownership | — Community Property |
| Joint Tenant with Right of Survivorship (both parties must sign) | Joint Tenant with Right of Survivorship (both parties must sign) |
| Partnership | — Tenants in common |
| Corporation or Trust | — IRA or Keogh |
| Other (please indicate) |  |

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| | |
|:---|:---|
| INDIVIDUAL INVESTORS | ENTITY INVESTORS |
|  | Name of entity, if any |
| Signature (Individual) | By:___________________________________ |
|  | \*Signature |
|  | Its: |
| Signature (Joint) | Title: ___________________________________ |
| (all record holders must sign) |  |
| Name(s) Typed or Printed | Name Typed or Printed |
| Address to Which Correspondence Should be Directed | Address to Which Correspondence Should be Directed |
| City, State and Zip Code | City, State and Zip Code |
| Email address for notices | Email address for notices |
| Name(s) Typed or Tax Identification or Social Security Number | Name(s) Typed or Tax Identification or Social Security Number |

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\* *If Securities are being subscribed for by any entity, the Certificate of Signatory on the below page must also be completed*

 

The foregoing subscription is accepted and the Company hereby agrees to be bound by its terms on this ______ day of______________, 2023.

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| | | |
|:---|:---|:---|
|  | **PishPosh, Inc.** | **PishPosh, Inc.** |
| Dated: | By: |  |
|  | Name: | Chaim (Charlie) Birnbaum |
|  | Its: | Chief Executive Officer |

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**CERTIFICATE OF SIGNATORY**

(To be completed if Securities are being subscribed for by an entity)

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| | |
|:---|:---|
| I, ________________________________, | the______________________________ |
| ***(name of signatory****)* | ***(title)*** |

---

 ****

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| | |
|:---|:---|
| Of ________________________________________ | ("Entity"), a ______________________________ |
| ***(name of entity)*** | ***(type of entity)*** |

---

 ****

Organized under the laws of _______________, hereby certify that I am empowered and duly authorized by the Entity to execute the Subscription Agreement and to purchase the Securities and certify further that the Subscription Agreement has been duly and validly executed on behalf of the Entity and constitutes a legal and binding obligation of the Entity.

IN WITNESS WHEREOF, I have set my hand this _______________ day of _____________, 2023.

***(Signature)***

**INSTRUCTIONS FOR COMPLETION OF**

**INVESTOR REPRESENTATION**

**AND SUITABILITY QUESTIONNAIRE**

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| | |
|:---|:---|
| <u>Item I</u>: | Name and address information must be provided. Securities will be issued in the name(s) set forth in this Item and delivered to the address set forth in this Item. If two people are subscribing jointly as joint tenants or tenants in common (other than as husband and wife subscribing as joint tenants), each such person must provide their names and social security numbers. A telephone number must also be provided. |
| <u>Item II</u>: | If the securities are to be held in a different name than the investor and sent to a different address (i.e., an IRA or other account held at a brokerage firm), this Item must be completed. If the securities are to be issued and delivered directly to the entity listed in Item I, this Item need not be completed. |
| <u>Item III</u>: | This Item needs to be read by the investor, but nothing needs to be written here. The Securities are suitable for investment only by prospective investors who are "Accredited Investors." |
| <u>Item IV</u>: | A. Only complete this Item by checking the appropriate line if you are an individual investor that is a natural person. |
|  | B. Only complete this Item if you are a corporation, partnership, limited liability company, retirement system, employee benefit plan or other Benefit Plan Investor (including an individual retirement account of a natural person or self-directed employee benefit plan of a natural person), Governmental Plan Investor, Church Plan Investor, Foreign Plan Investor or similar entity investor. |
|  | C. Only complete this Item if you are a trust investor (whether revocable, irrevocable or otherwise) (other than an employee benefit plan, individual retirement account, self-directed employee retirement plan or other Benefit Plan Investor, Governmental Plan Investor, Church Plan Investor or Foreign Plan Investor). |
| <u>Item V</u>: | This Item needs to be read by the investor, but nothing needs to be written here. |
| <u>Item VI</u>: | The USA Freedom Act requires us to collect information on the sources of funds. Please complete section 1 and 3, and, if applicable, add the documents requested in section 2 if the underlying funds did not come from an approved country (the U.S. is an approved country). |
| <u>Item VII</u>: | You must thoroughly complete the <u>Suitability Questionnaire</u>, in order for PishPosh, Inc. (the "***Company***") and Boustead Securities, LLC to make a determination whether this is a suitable investment for you. |
| <u>Item VIII</u>: | You and must sign and date here. |

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**INSTRUCTIONS FOR PAYMENT**

Review and complete the Investor Representation & Suitability Questionnaire and deliver it to the email or address below along with payment for your investment.

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| | |
|:---|:---|
| Email: | offerings@boustead1828.com |
| Subject: | PishPosh, Inc. – [Investor Name] |
| Address: | Boustead Securities, LLC |
|  | 6 Venture, Suite 395 |
|  | Irvine, CA 92618 |
| **WIRE INSTRUCTIONS** | **WIRE INSTRUCTIONS** |
| Bank Name: | Banc of California |
| Bank Address: | 3 MacArthur Place |
|  | Santa Ana, CA 92707 |
| SWIFT Code: | BCLFUS66 |
| Routing #: | 122243774 |
| Account Name: | Sutter Securities, Inc. |
| Account #: | 2030737579 |
| REF / Notes: | PishPosh, Inc. – [Investor Name] |
| **CHECK INSTRUCTIONS** | **CHECK INSTRUCTIONS** |
| Payable to: | Sutter Securities, Inc. |
| REF / Notes: | PishPosh, Inc. – [Investor Name] |
| <u>If you need assistance, please contact:</u> | <u>If you need assistance, please contact:</u> |
| Email: | offerings@boustead1828.com |
| Phone: | (949)-502-4408 |

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**INVESTOR REPRESENTATION & SUITABILITY QUESTIONNAIRE**

Please read all instructions of this Investor Representation and Suitability Questionnaire (this "***Questionnaire***") carefully before filling out this Questionnaire. This is a legally binding document. If you need assistance, please call 949-502-4408 or by email at offerings@boustead1828.com.

**I.** **ACCOUNT REGISTRATION** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ◻ | Individual | ◻ | Trust | ◻ | Corporation |
| ◻ | Joint Registration | ◻ | Individual<br>| ◻ | Partnership |
|  |  |  | Retirement Account (IRA) |  |  |
| \* If no box below is checked, we will issue the securities as JTWROS. | \* If no box below is checked, we will issue the securities as JTWROS. | \* If no box below is checked, we will issue the securities as JTWROS. | \* If no box below is checked, we will issue the securities as JTWROS. | ◻ | Limited Liability Company |
|  |  |  |  | ◻ | Estate |
|  | □ Joint Tenants with Rights of Survivorship \* | □ Joint Tenants with Rights of Survivorship \* | □ Joint Tenants with Rights of Survivorship \* | ◻ | Foundation |
|  | □ Tenants in Common |  |  | ◻ | Charitable Remainder |
|  | □ Tenants in Entirety |  |  |  | Trust |
|  | □ Community Property |  |  | ◻ | Other |

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PLEASE PUT A CHECK NEXT TO EACH SOCIAL SECURITY NUMBER OR TAX ID NUMBER THAT IS RESPONSIBLE FOR TAXES. WE WILL REPORT THIS NUMBER TO THE IRS.

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| | | | |
|:---|:---|:---|:---|
| | | ◻ | |
| Name of INVESTOR (Individual, Entity, Custodian, Trust or Beneficiary) | Date of Birth |  | Soc. Sec. / Tax ID # |
| | | ◻ | |
| Name of SIGNER (Signer for Entity, Trust. Name of IRA Participant) | Date of Birth |  | Soc. Sec. / Tax ID # |
| | | ◻ | |
| Name of JOINT INVESTOR or CO- TRUSTEE (if applicable) | Date of Birth |  | Soc. Sec. / Tax ID # |

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Marital Status (please check one): ◻ Single ◻ Married ◻ Other

$Total Investment Amount

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| | | |
|:---|:---|:---|
| **HOME ADDRESS** | ◻ **USE THIS ADDRESS FOR MAILING** | ◻ **USE THIS ADDRESS FOR MAILING** |
| Street Address |  | Apt / Suite / Unit # |
| City | State | Zip |
| Home Phone | Fax | Email |

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| | | |
|:---|:---|:---|
| **BUSINESS ADDRESS** | ◻ **USE THIS ADDRESS FOR MAILING** | ◻ **USE THIS ADDRESS FOR MAILING** |
| Street Address |  | Apt / Suite / Unit # |
| City | State | Zip |
| Business Phone | Fax | Email |

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**II.** **ALTERNATIVE DISTRIBUTION INFORMATION** 

To direct distributions to a party other than the registered owner, complete the information below. **YOU MUST COMPLETE THIS ITEM IF** 

**THIS IS AN IRA INVESTMENT.**

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| | |
|:---|:---|
| Name of Firm (Bank or Brokerage): | |
| Account Name: | Account #: |
| Address: | |

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**III.** **INVESTOR REPRESENTATIONS & AUTHORIZATIONS** 

You as an individual or you on behalf of the subscribing entity are being asked to complete this Investor Representation and Suitability Questionnaire so a determination can be made as to whether or not you are qualified to purchase securities under applicable federal and state securities laws. **Your answers to the questions contained herein must be true and correct in all respects, and a false representation by you may constitute a violation of law for which a claim for damages may be made against you.**

Your answers will be kept strictly confidential; however, by signing this Questionnaire, you will be authorizing release of this Questionnaire to make certain that the offer and sale of the securities will not result in a violation of the Securities Act of 1933, as amended (the "***Securities Act***") or of the securities laws of any state.

This Questionnaire does not constitute an offer to sell or a solicitation of an offer to buy securities or any other security. All questions must be answered. If the appropriate answer is "None" or "Not Applicable," please state so. Please print or type your answers to all questions and attach additional sheets if necessary to complete your answers to any item. Please initial any correction.

**INDIVIDUAL SUBSCRIBERS:**

If the securities subscribed for are to be owned by more than one person, you and the other co-subscriber must each complete separate Questionnaires (except if the co-subscriber is your spouse or spousal equivalent) and sign the Signature Page annexed hereto. If your spouse or spousal equivalent is a co-subscriber, you must indicate their name and social security number.

**CORPORATIONS, PARTNERSHIPS, LIMITED LIABILITY COMPANIES, EMPLOYEE BENEFIT PLANS OR OTHER ENTITIES AND TRUSTS:**

The information requested herein relates to the subscribing entity and not to you personally (unless otherwise determined in Item IV. Accredited Investor Status).

**IV.** **ACCREDITED INVESTOR STATUS** 

**TO BE AN ACCREDITED INVESTOR, YOU MUST MEET ONE OF THE FOLLOWING TESTS, PLEASE CHECK THE APPROPRIATE SPACES BELOW.**

**A.** **INDIVIDUALS:** 

I certify that I am an "accredited investor," as such term is defined in Rule 501(a) of Regulation D under the Securities Act, because:

(a) **___** I am a natural person who had an individual income of more than $200,000 in each of the two most recent calendar years, and I reasonably expect to have an individual income in excess of $200,000 in the current calendar year; **or** my spouse or spousal equivalent and I had joint income in excess of $300,000 in each of the two most recent calendar years, and we reasonably expect to have joint income in excess of $300,000 in the current calendar year *(please complete "Item V. Income Statement")*; **or**

(b) **___** I am a natural person who has an individual net worth, or my spouse or spousal equivalent and I have a joint net worth, in excess of $1,000,000 (excluding my (our) primary residence*)* at the time of subscription*;* **or**

(c) **___** I am a natural person who holds in good standing at the time of subscription one or more of the following professional licenses: the General Securities Representative license (Series 7), the Investment Adviser Representative license (Series 65), or the Private Securities Offerings Representative license (Series 82); **or**

(d) **___** I am a knowledgeable employee with respect to the general partner of the Company or of the Company. (*This should only be answered with respect to investments in a private fund*); **or**

(e) **___** I am a natural person that is a director, executive officer, or general partner of the Company, or any director, executive officer, or general partner of a general partner of the Company.

For purposes of this Questionnaire "***individual income***" means adjusted gross income as reported for U.S. federal income tax purposes, <u>less</u> any income attributable to a spouse or spousal equivalent or to property owned by a spouse or spousal equivalent, and <u>increased</u> by the following amounts: (i) the amount of any interest income received which is tax-exempt under Section 103 of the Internal Revenue Code of 1986, as amended, (the "***Code***"); (ii) the amount of losses claimed as a limited partner in a limited partnership (as reported on Schedule E of Form 1040); (iii) any deduction claimed for depletion under Section 611 et seq. of the Code; and (iv) any amount by which income from long-term capital gains has been reduced in arriving at adjusted gross income pursuant to the provisions of Sections 1202 of the Code prior to its repeal by the Tax Reform Act of 1986.

For purposes of this Questionnaire, "***joint income***" means adjusted gross income as reported for U.S. federal income tax purposes, including any income attributable to a spouse or spousal equivalent or to property owned by a spouse or spousal equivalent and <u>increased</u> by the following amounts: (i) the amount of any interest income received which is tax-exempt under Section 103 of the Code; (ii) the amount of losses claimed as a limited partner in a limited partnership (as reported on Schedule E of Form 1040); (iii) any deduction claimed for depletion under Section 611 et seq. of the Code; and (iv) any amount by which income from long-term capital gains has been reduced in arriving at adjusted gross income pursuant to the provisions of Section 1202 of the Code prior to its repeal by the Tax Reform Act of 1986.

For the purposes of this Questionnaire, "***net worth***" means (except as otherwise specifically defined) the excess of total assets at fair market value, including home furnishings and automobiles, over total liabilities; *provided*, *that*, (i) the investor's primary residence shall not be included as an asset; (ii) indebtedness that is secured by the investor's primary residence, up to the estimated fair market value of the primary residence at the time of subscription shall not be included as a liability (except that if the amount of such indebtedness outstanding at the time of subscription exceeds the amount outstanding 60 calendar days before such time, other than as a result of the acquisition of the primary residence, the amount of such excess shall be included as a liability); and (iii) indebtedness that is secured by the investor's primary residence in excess of the estimated fair market value of the primary residence at the time of subscription shall be included as a liability.

For purposes of this Questionnaire, "***knowledgeable employee***" means (i) an executive officer, director, trustee, general partner, advisory committee member, or person serving in similar capacity, of the issuer, the general partner of the issuer; or (ii) an employee of the issuer, the general partner of the issuer (other than an employee performing solely clerical, secretarial or administrative functions with regard to the issuer or its investments) who, in connection with that person's regular duties or functions, participates in the investment activities of the issuer or any other private investment funds the investment activities of which are managed by the issuer; *provided* that such employee has been performing such functions and duties for or on behalf of the issuer, the general partner of the issuer (or substantially similar duties or functions for or on behalf of another company) for at least 12 months.

For the purposes of this Questionnaire, "***spousal equivalent***" means a cohabitant occupying a relationship generally equivalent to that of a spouse.

**B. CORPORATIONS, PARTNERSHIPS, LIMITED LIABILITY COMPANIES, EMPLOYEE BENEFIT PLANS, OR OTHER ENTITIES** (Please provide a copy of the corporate resolution authorizing this investment, Partnership Agreement, Limited Liability Company Agreement, Operating Agreement, Employee Benefit Plan or other entity documentation, as applicable.)

Was the subscribing entity formed for the specific purpose of investing in the securities? ◻ Yes ◻ No

If your answer to the question above is "No," CHECK whichever of the following statements (a-n) is applicable to the subscribing entity. If your answer to the question above is "Yes," please contact the Company.

The undersigned certifies that it is an "accredited investor" as such term is defined in Rule 501(a) of Regulation D under the Securities Act because:

(a) **___** the undersigned entity is a corporation, partnership, limited partnership, or limited liability company, was not formed for the specific purpose of acquiring the securities offered, and has total assets in excess of $5,000,000; **or**

(b) **___** the undersigned entity is a plan established and maintained by a state (or its political subdivisions or agencies) or any instrumentality thereof for the benefit of its employees, that has total assets of over $5,000,000; **or**

(c) **___** the undersigned entity is an employee benefit plan within the meaning of Title I of the Employee Retirement Income Security Act of 1974 ("***ERISA***"), and its investment decision is being made by a plan fiduciary, as defined in Section 3(21) of ERISA, and the plan fiduciary is a bank, savings and loan association, insurance company or SEC-registered investment adviser; **or**

(d) **___** the undersigned entity is an employee benefit plan within the meaning of Title I of ERISA and has total assets in excess of $5,000,000; **or**

(e) **___** the undersigned entity is registered with the SEC as a broker or dealer or an investment company; or has elected to be treated or qualifies as a "business development company" within the meaning of Section 202(a)(22) of the Investment Advisers Act of 1940, as amended (the "***Advisers Act***") or Section 2(a)(48) of the U.S. Investment Company Act of 1940, as amended (the "***Company Act***"); **or**

(f) **___** the undersigned entity is an entity whose shareholders, partners, beneficiaries or equity owners are all accredited investors **(If you are checking this option, please submit a list of all owners; <u>EACH equity</u> owner of the entity must complete Item IV <u>and Item VI, and, if applicable</u>, Item V. The investor must make copies of this Item IV, Item VI (and Item V, if applicable) and list each equity owner's name on each copy)**; I am one of the equity owners and I meet at least one of the conditions described below **(Please also CHECK the appropriate space below):**

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| | |
|:---|:---|
| ◻ | I am a natural person who had an individual income of more than $200,000 in each of the two most recent calendar years, and I reasonably expect to have an individual income in excess of $200,000 in the current calendar year; **or** my spouse or spousal equivalent and I had joint income in excess of $300,000 in each of the two most recent calendar years, and we reasonably expect to have joint income in excess of $300,000 in the current calendar year *(please complete "Item V. Income Statement")*; **or** |

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| | |
|:---|:---|
| ◻ | I am a natural person who has an individual net worth, or my spouse or spousal equivalent and I have a joint net worth, in excess of $1,000,000 (excluding my (our) primary residence) at the time of subscription; **or** |

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| | |
|:---|:---|
| ◻ | I am a natural person who holds in good standing at the time of subscription one or more of the following professional licenses: the General Securities Representative license (Series 7), the Investment Adviser Representative license (Series 65), or the Private Securities Offerings Representative license (Series 82); **or** |

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| | |
|:---|:---|
| ◻ | I am a knowledgeable employee with respect to the general partner of the Company or of the Company; **or** |

---

◻ I am a natural person that is a director, executive officer, or general partner of the issuer of the securities being offered or sold, or any director, executive officer, or general partner of a general partner of that issuer.

(g) **___** the undersigned entity is an individual retirement account, Keogh Plan or other self-directed defined contribution plan in which a participant may exercise control over the investment of assets credited to the investing participant's account and the investing participant is an accredited investor. Please list the full legal name of the investing participant below and select the applicable response upon which the investing participant qualifies as an accredited investor. **(Please also CHECK the appropriate space below)**:

(*Continue on a separate piece of paper, if necessary*)

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| | |
|:---|:---|
| ◻ | I am a natural person who had an individual income of more than $200,000 in each of the two most recent calendar years, and I reasonably expect to have an individual income in excess of $200,000 in the current calendar year; **or** my spouse or spousal equivalent and I had joint income in excess of $300,000 in each of the two most recent calendar years, and we reasonably expect to have joint income in excess of $300,000 in the current calendar year *(please complete "Item V. Income Statement")*; **or** |

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| | |
|:---|:---|
| ◻ | I am a natural person who has an individual net worth, or my spouse or spousal equivalent and I have a joint net worth, in excess of $1,000,000 (excluding my (our) primary residence); **or** |

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| | |
|:---|:---|
| ◻ | I am a natural person who holds in good standing at the time of subscription one or more of the following professional licenses: the General Securities Representative license (Series 7), the Investment Adviser Representative license (Series 65), or the Private Securities Offerings Representative license (Series 82); **or** |

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| | |
|:---|:---|
| ◻ | I am a knowledgeable employee with respect to the general partner of the Company or of the Company; **or** |

---

◻ I am a natural person that is a director, executive officer, or general partner of the Company, or any director, executive officer, or general partner of a general partner of the Company.

**or**

(h) **___** the undersigned entity is a tax-exempt organization described in Section 501(c)3 of the Code (including a foundation or endowment), that was not formed for the specific purpose of acquiring the securities offered, and has total assets in excess of $5,000,000; **or**

(i) **___** the undersigned entity is licensed, or subject to supervision, by U.S. federal or state examining authorities as a "bank," a "savings and loan association," an "insurance company," a "small business investment company," or a "rural business investment company" (as such terms are used and defined in Rule 501(a) under the Securities Act); **or**

(j) **___** the undersigned entity is an "an investment adviser" that is either (a) registered pursuant to Section 203 of the Advisers Act or registered pursuant to the laws of any state or (b) relying on the exemption from SEC-registration under Section 203(l) or (m) of the Advisers Act; **or**

(k) **___** the undersigned entity is a "family office" with assets under management of over $5,000,000, that was not formed for the specific purpose of acquiring the securities offered, and whose acquisition of securities is directed by a person who has such knowledge and experience in financial and business matters that such family office is capable of evaluating the merits and risks of acquiring the securities . Please list the full legal name of the person directing the acquisition of securities; **or** 

(l) **___** the undersigned entity was not formed for the specific purpose of acquiring the securities offered and is a "family client" of a family office meeting the requirements set forth in B(l) above and whose acquisition of securities is directed by a person at such family office who has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of acquiring the securities. Please provide the full legal name of the person at such family office that is directing the acquisition of securities below: **or**

(m) **___** the undersigned entity is any entity of a type not otherwise listed or described above that owns Investments of over $5,000,000 and was not formed for the specific purpose of acquiring the securities.

For the purpose of this Questionnaire, "***family office***" means a company (including its directors, partners, members, managers, trustees, and employees acting within the scope of their position or employment) that: (i) has no clients other than family clients (as defined in Rule 202(a)(11)(G)-1 under the Advisers Act); (ii) is wholly owned by family clients and is exclusively controlled (directly or indirectly) by one or more family members and/or family entities; and (iii) does not hold itself out to the public as an investment adviser.

For the purpose of this Questionnaire, "***family client***" means (i) any company wholly owned (directly or indirectly) exclusively by, and operated for the sole benefit of, one or more other family clients (as defined in Rule 202(a)(11)(G)-1 under the Advisers Act); *provided* that if any such entity is a pooled investment vehicle, it is excepted from the definition of "investment company" under the Company Act; and (ii) any non-profit organization, charitable foundation, or other charitable organization, in each case for which all the funding such foundation or organization holds came exclusively from one or more other family clients.

The term "***Investments***" means any or all: (i) securities (as defined in the Securities Act), except for securities of issuers controlled by the investor ("***Control Securities***"), unless (A) the issuer of the Control Securities is itself a registered or private investment company or is exempted from the definition of investment company by Rule 3a-6 or Rule 3a-7 under the Company Act, (B) the Control Securities represent securities of an issuer that files reports pursuant to Section 13 or 15(d) of the Exchange Act, (C) the issuer of the Control Securities has a class of securities listed on a designated offshore securities market under Regulation S under the Securities Act, or (D) the issuer of the Control Securities is a private company with investors' equity not less than $50 million determined in accordance with U.S. generally accepted accounting principles, as reflected in the company's most recent financial statements (provided such financial statements were issued within 16 months of the date of investor's purchase of securities); (ii) futures contracts or options thereon held for investment purposes; (iii) physical commodities held for investment purposes; (iv) swaps and other similar financial contracts entered into for investment purposes; (v) real estate held for investment purposes; and (vi) cash and cash equivalents held for investment purposes.

**C.** **TRUST ACCOUNTS** (Please provide a complete copy of the
trust documents.)

Has the subscribing entity been formed for the specific purpose of investing in the securities? ◻ Yes ◻ No

If your answer to the question above is "No," CHECK whichever of the following statements (a-c) is applicable to the subscribing entity. If your answer to the question above is "Yes," please contact the Company.

The undersigned certifies that it is an "accredited investor," as such term is defined in Rule 501(a) of Regulation D under the Securities Act, because:

(a) **___** the investor is a trust that has total assets in excess of $5,000,000, was not formed for the specific purpose of acquiring the securities, and the purchase of securities is being made by a "sophisticated person." *As used in the foregoing sentence, a "sophisticated person" means a person who has such knowledge and experience in financial and business matters that such person is capable of evaluating the merits and risks of the acquisition of an Interest*. *If the investor initialed this item, please provide the full legal name of the sophisticated person directing its acquisition of securities below*; **or**

(b) **___** the investor is a "bank" (as defined in Section 3(a)(2) of the Securities Act), a saving and loan association or other institution as defined in Section 3(a)(5)(A) of the Securities Act, acting in its fiduciary capacity, and subscribing for securities on behalf of a trust account or accounts; **or**

(c) **___** the investor is a revocable trust that may be amended or revoked at any time by the grantor(s) or settler(s) thereof, and each grantor or settlor is an accredited investor. If the investor initials this item, please list the full legal name(s) of each grantor or settlor below and select the appropriate response upon which each grantor or settlor qualifies as an accredited investor. **Each grantor must also INITIAL the appropriate space below. or**

(*Continue on a separate piece of paper, if necessary*)

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| | |
|:---|:---|
| ◻ | I had an individual income of more than $200,000 in each of the two most recent calendar years, and I reasonably expect to have an individual income in excess of $200,000 in the current calendar year; or my spouse or spousal equivalent and I had joint income in excess of $300,000 in each of the two most recent calendar years, and we reasonably expect to have a joint income in excess of $300,000 in the current calendar year *(please complete "Item V. Income Statement")*; **or** |

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| | |
|:---|:---|
| ◻ | I have an individual net worth, or my spouse or spousal equivalent and I have a joint net worth, in excess of $1,000,000 (excluding my (our) primary residence); **or** |

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| | |
|:---|:---|
| ◻ | I hold in good standing the FINRA Series 7, Series 65, or Series 82 licenses, and/or other such certain professional certifications, designations or credentials or other credentials issued by an accredited educational institution, which the SEC may designate from time to time by order; **or** |

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| | |
|:---|:---|
| ◻ | I am a knowledgeable employee of the fund; **or** |

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◻ I am a director, executive officer, or general partner of the Company, or any director, executive officer, or general partner of a general partner of the Company.

(d) **___** the investor is a business trust that has total assets of over $5,000,000 and was not formed for the specific purpose of acquiring securities; **or** 

(e) **___** the investor is a trust that is a "family client" of a "family office" with assets under management of over $5,000,000 that was not formed for the specific purpose of acquiring the securities, and whose acquisition of the securities is directed by a person at such family office who has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of acquiring the securities. If the investor initialed this item, please provide the full legal name of the person at such family office directing the acquisition of securities below:

For purposes of this item, a trust that is a "***family client***" of a family office (as defined below) includes (i) any charitable trust (including charitable lead trusts and charitable remainder trusts whose only current beneficiaries are other family clients and charitable or non-profit organizations) for which all the funding of such charitable trust came exclusively from one or more other family clients (as defined in Rule 202(a)(11)(G)-1 under the Advisers Act); (ii) any irrevocable trust in which one or more other family clients are the only current beneficiaries; (iii) any irrevocable trust funded exclusively by one or more other family clients in which other family clients and non-profit organizations, charitable foundations, charitable trusts, or other charitable organizations are the only current beneficiaries; (iv) any revocable trust of which one or more other family clients are the sole grantor; or (v) any trust of which (a) each trustee or other person authorized to make decisions with respect to the trust is a key employee; and (b) each settlor or other person who has contributed assets to the trust is a key employee of the family office or the key employee's current and/or former spouse or spousal equivalent who, at the time of contribution, holds a joint, community property, or other similar shared ownership interest with the key employee.

For purposes of this item, "***family office***" means a company (including its directors, partners, members, managers, trustees, and employees acting within the scope of their position or employment) that: (i) has no clients other than family clients (as defined in Rule 202(a)(11)(G)-1 under the Advisers Act); (ii) is wholly owned by family clients and is exclusively controlled (directly or indirectly) by one or more family members and/or family entities; and (iii) does not hold itself out to the public as an investment adviser.

**V.** **CERTIFICATIONS** 

I understand that investment in the securities is an illiquid investment. In particular, I recognize that I must bear the economic risk of investment in the securities for an indefinite period of time since the securities have not been registered under the Securities Act and therefore cannot be sold unless either they are subsequently registered under the Securities Act or an exemption from such registration is available and a favorable opinion of counsel for the Company to that effect is obtained if requested by the Company. I consent to the affixing by the Company of such legends on certificates representing the securities as any applicable federal or state securities law may require from time to time.

I represent and warrant to the Company that: (i) all information provided in this Questionnaire is complete, true and correct; (ii) I and my investment managers, if any, have carefully reviewed and understand the risks of, and other considerations relating to, a purchase of these securities, including, but not limited to, the risks set forth in the risk factor disclosure document and other Offering Materials (as defined below) provided to me; (iii) I and my investment managers, if any, have been afforded the opportunity to obtain all information necessary to verify the accuracy of any representations or information in the transaction documents for this offering and other information provided to the undersigned and have had all inquiries to the Company answered, and have been furnished all requested materials relating to the Company and the offering and sale of the securities; (iv) I have such knowledge and experience in financial and investment matters, either alone or with my investment managers, that I am capable of evaluating the merits and risks of this investment and am able to bear such risks, and have obtained sufficient information from the Company to evaluate the merits and risks of this investment; (v) neither I nor my investment managers, if any, have been furnished any offering literature by the Company or any of its affiliates, associates or agents other than the transaction documents, the term sheet, Risk Factor Disclosure Document, as amended, and the investor presentation provided to the undersigned by the Company related to this investment (collectively, the "***Offering Materials***") relating to this investment, and the documents referenced therein; and (vi) I am acquiring the securities for which I am subscribing for my own account, as principal, for investment and not with a view to the resale or distribution of all or any part of the securities, and will not resell, distribute or otherwise dispose of all or any part of the securities, except as permitted by law, including the Securities Act . By my completion of this Questionnaire and execution of other transaction documents, I confirm and agree that I have reviewed and understand the provisions of each such transaction document and, should my subscription be accepted by the Company, agree to be bound thereby.

The undersigned, if a corporation, partnership, trust or other form of business entity: (i) is authorized and otherwise duly qualified to purchase and hold the securities; (ii) has obtained such additional tax and other advice that it has deemed necessary and appropriate; (iii) has its principal place of business at its address set forth in this Questionnaire; and (iv) has not been formed for the specific purpose of acquiring the securities (although this may not necessarily disqualify the subscriber as a purchaser). The persons completing this Questionnaire and executing all other documents related to the offering, represent that they are duly authorized to complete or execute all such documents on behalf of the entity. (If the undersigned is one of the aforementioned entities, it agrees to supply any additional written or supplemental information that may be required, including any background documentation).

All of the information which I have furnished to the Company, and which is set forth in this Questionnaire, is correct and complete as of the date of this Questionnaire. If any material change in this information should occur prior to my subscription being accepted, I will immediately furnish the revised or corrected information to the Company. I further agree to be bound by all of the terms and conditions of the Offering Materials. I am the only person with a direct or indirect interest in the securities subscribed for hereby.

I understand the meaning and legal consequences of the representations, warranties, agreements, certifications and covenants made by me in this Questionnaire and agree, to the fullest extent permitted by applicable law to indemnify and hold harmless the Company and its officers, directors, employees, affiliates, and agents as well as the brokerage firm through which I am subscribing (if any) and all of its officers, directors, employees, affiliates, and agents from and against all losses, claims, damages, liabilities, whether joint or several, expenses (including legal fees and expenses), judgments, fines, settlements and other amounts of any nature whatsoever, known or unknown, liquidated or unliquidated, joint or several, which they may incur by reason of the failure of the undersigned to fulfill any of the terms or conditions set forth in the transaction documents. This subscription is not transferable or assignable by me without the prior written consent of the Company. If more than one person is completing this Questionnaire, the obligations of each shall be joint and several, and the representations contained in this Questionnaire shall be deemed to be made by, and be binding upon, each of these persons and his or her heirs, executors, administrators, successors, and assigns. This subscription, upon acceptance by the Company, shall be binding upon my heirs, executors, administrators, successors, and assigns.

This Questionnaire and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed, and interpreted in accordance with the laws of the State of California, without giving effect to principles of conflicts of law.

Under penalties of perjury, by signing below I certify that (i) my taxpayer identification number shown in this Questionnaire is correct; and (ii) I am not subject to backup withholding because: (a) I have not been notified that I am subject to backup withholding as a result of a failure to report all interest and dividends; or (b) the Internal Revenue Service has notified me that I am no longer subject to backup withholding. (If you have been notified that you are subject to backup withholding and the Internal Revenue Service has not advised you that backup withholding has been terminated, strike out item (ii)).

**VI.** **INFORMATION REQUIRED BY FEDERAL LAW** 

The USA Freedom Act requires us to obtain the following information from you to detect and prevent misuse of the world financial system.

1. In the space provided below, please provide details of the bank
or financial institution from which the monies and any other payments to the Company will be wired in relation to your subscription for
the securities.

<u>Country</u> <u>Name of Bank / Financial Institution</u> <u>Name of Account Holder</u> Account Number

If the country from which the monies and any other payments will be wired appears in the Approved Country List below, please skip to section 3. If the country does not appear, please go to section 2.

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| | | | | |
|:---|:---|:---|:---|:---|
| Argentina | Australia | Austria | Belgium | Brazil |
| Canada | China | Denmark | Finland | France |
| Germany | Greece | Hong Kong | Iceland | India |
| Ireland | Israel | Italy | Japan | Luxembourg |
| Malaysia | Mexico | Kingdom of the Netherlands | New Zealand | Norway |
| Portugal | Republic of Korea | \*Russian Federation | Saudi Arabia | Singapore |
| South Africa | Spain | Sweden | Switzerland | Turkey |
| United Kingdom | United States | | | |

---

\*Vision Financial Markets will require enhanced due diligence as applicable.

2. If subscription monies will be wired to the Company from any
country other than on the Approved Country List (see #1 above), please provide the following documentation to the Company (all copies
should be in English and certified as being "true and correct copies of the original" by a notary public of the jurisdiction
of which you are a resident).

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **For Individuals:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) evidence of name, signature, date of birth and photographic identification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) evidence of permanent address; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) where possible, a reference from a bank with whom the individual
maintains a current relationship and has maintained such relationship for at least two years.

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **For Companies:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a copy of its certificate of incorporation and any change of
name certificate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a certificate of good standing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a register or other acceptable list of directors and officers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a properly authorized mandate of the company to subscribe in
the form, for example, of a certified resolution which includes naming authorized signatories;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) a description of the nature of the business of the company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) identification, as described above for individuals, for at least
two directors and authorized signatories;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) a register of members or list of shareholders holding a controlling
interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) identification, as described above, for individuals who are beneficial
owners of corporate shareholders which hold 10% or more of the capital share of the company.

&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **For Partnerships and Unincorporated Businesses:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a copy of any certificate of registration and a certificate of
good standing, if registered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) identification, as described above, for individuals and, where
relevant, companies constituting a majority of the partners, owners or managers and authorized signatories;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) a copy of the mandate from the partnership or business authorizing
the subscription in the form, for example, of a certified resolution which includes naming authorized signatories; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a copy of constitutional documents (formation and partnership
agreements).

&nbsp;&nbsp;&nbsp;&nbsp;**(d)** **For Trusts:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) identification, as described above, for individuals or companies
(as the case may be) in respect of the trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) identification, as described above for individuals, of beneficiaries,
any person on whose instructions or in accordance with those wishes the trustee/nominee is prepared or accustomed to act and the settlor
of the trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) evidence of the nature of the duties or capacity of the trustee.

3. The Company is also required to verify the source of funds. To
this end, summarize the underlying source of the funds remitted to us (for example, where subscription monies were the profits of business
(and if so, please specify type of business), investment income, savings, etc.).

**Source of Funds:__________________________________________________________________________________**

**VII.** **SUITABILITY QUESTIONNAIRE** 

**This is a speculative investment. (Each responding individual must complete his/her own Suitability Questionnaire)**

**Name of Individual Investor OR Name of Person Answering Questions on behalf of an Entity/Trust/IRA Investor:**

**A.** Please provide the below Identification information:

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| |
|:---|
| ID Number: |
| Place of Issuance: |
| Issue Date: |
| Expiration Date: |

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Are you a U.S. Citizen? ◻ Yes ◻ No

<u>Please provide a copy of the photo page of your government-issued identification</u>.

**B.** Please provide your present employment status. If currently retired
or unemployed, please provide your last/most recent employment history:

<u>Current Employment Status</u> <u>Latest Role/Occupation</u> <u>Latest Employer Name</u>

**C.** Please provide the following information concerning your financial
experience:

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| | |
|:---|:---|
| **C-1.** | Risk Tolerance (select one): |

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◻ Speculative – You are willing to accept substantial risk. May endure extensive volatility and very limited or no liquidity. You value the potential for maximizing long-term returns over principal preservation.

◻ Aggressive – You are willing to accept considerable risk. You may endure high volatility and limited or very limited liquidity. You value long-term appreciation over principal preservation.

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| | |
|:---|:---|
| ◻ | Moderate – You are willing to accept limited risk. You may endure some volatility and illiquidity. You value enhancing returns and principal preservation equally. You are willing to risk losing a substantial amount of your investment. |

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◻ Conservative – You are willing to accept low risk for greater stability and liquidity. You value minimizing risk and maximizing principal preservation.

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| | |
|:---|:---|
| **C-2.** | What is your primary investment objective? (select one): |

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◻ Investment speculation

◻ Steadily accumulate wealth over the long term

◻ Partially fund my retirement

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| | |
|:---|:---|
| ◻ | Other |

---

---

| | |
|:---|:---|
| **C-3.** | What are your time horizon and liquidity needs? |

---

(a) Time Horizon (select one): (b) Liquidity Needs (select one):

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| | |
|:---|:---|
| ◻ 10 years or more | ◻ Low |
| ◻ 5 –10 years | ◻ Medium |
| ◻ 2 – 5 years | ◻ High |
| ◻ Under 2 years |  |

---

---

| | |
|:---|:---|
| **C-4.** | How much investment experience do you have? (select one): |

---

◻ Extensive

◻ Substantial

◻ Moderate

◻ Limited

◻ None

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| | |
|:---|:---|
| **C-5.** | Please state the approximate number and total dollar amount of your prior investments in restricted securities (e.g., private placements): |

---

---

| | |
|:---|:---|
| No. of Investments: | Total Amount: |

---

---

| | |
|:---|:---|
| **C-6.** | Please indicate your Annual Income and Net Worth: |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (a) | Annual Income | (b) | Net Worth | (c) | Liquid Net Worth |
|  | ◻ Under $25,000 |  | ◻ Under $25,000 |  | ◻ Under $25,000 |
|  | ◻ $25,000 – $50,000 |  | ◻ $25,000 – $50,000 |  | ◻ $25,000 – $50,000 |
|  | ◻ $50,000 – $75,000 |  | ◻ $50,000 – $75,000 |  | ◻ $50,000 – $75,000 |
|  | ◻ $75,000 – $100,000 |  | ◻ $75,000 – $100,000 |  | ◻ $75,000 – $100,000 |
|  | ◻ $100,000 – $200,000 |  | ◻ $100,000 – $150,000 |  | ◻ $100,000 – $150,000 |
|  | ◻ $200,000 – $300,000 |  | ◻ $150,000 – $200,000 |  | ◻ $150,000 – $200,000 |
|  | ◻ $300,000 – $500,000 |  | ◻ $200,000 – $250,000 |  | ◻ $200,000 – $250,000 |
|  | ◻ $500,000 – $1,200,000 |  | ◻ $250,000 – $500,000 |  | ◻ $250,000 – $500,000 |
|  | ◻ Over $1,200,000 |  | ◻ $500,000 – $1,000,000 |  | ◻ $500,000 – $1,000,000 |
|  | ◻ $1,000,000 – $5,000,000 |  | ◻ $1,000,000 – $5,000,000 |  |  |
|  | ◻ Over $5,000,000 | ◻ Over $5,000,000 |  | ◻ Over $5,000,000 | ◻ Over $5,000,000 |

---

---

| | |
|:---|:---|
| **C-7.** | Please provide in the space below any additional information which would indicate that you have sufficient knowledge and experience in financial and business matters so that you are capable of evaluating the merits and risks of investing in restricted securities of private or thinly traded enterprise. |

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**D.** Please provide the following information concerning your industry
and other affiliations.

---

| | |
|:---|:---|
| **D-1.** | Are you, your spouse or spousal equivalent, or any other immediate family members, including parents, in-laws, and siblings that are dependents, an officer, director or greater than ten percent (10%) shareholder of the Company offering securities? |

---

◻ Yes ◻ No

---

| | |
|:---|:---|
| **D-2.** | Are you, your spouse or spousal equivalent, or any other immediate family members, including parents, in-laws, and siblings that are dependents, employed by or associated with the securities industry (for example, investment advisor, sole proprietor, partner, officer, director, branch manager or broker at a broker-dealer firm or municipal securities dealer) or a financial regulatory agency, such as FINRA or the New York Stock Exchange? |

---

◻ Yes ◻ No

If yes, please provide the name and contact information for such firm.

---

| | |
|:---|:---|
| **D-3.** | Are you a senior military, governmental or political official in a non-US country? |

---

◻ Yes ◻ No

If yes, please provide the name of the country.

**________________________________________________________________________________**

**E.** Did anyone at Boustead Securities, LLC recommend the investment
to you?

◻ Yes ◻ No

If yes, please provide the name of the individual.

**________________________________________________________________________________**

**F.** **Trusted Contact**. If you are over 65 years old, please
provide the name and contact phone number of a trusted contact:

      <br> Name Relationship Contact Number

**VIII.** **SIGNATURES** 

**This Questionnaire contains various statements and representations by subscribers and should be carefully reviewed in its entirety before executing this signature page. I hereby certify that I have reviewed and am familiar with the instructions of this Questionnaire.**

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| | |
|:---|:---|
| ◻ | **(check if applicable) I hereby certify that I previously invested in the Company and that, unless otherwise indicated in this Questionnaire, the information I provided in the Questionnaire dated for my previous investment continues to be true and correct and is incorporated by reference into this Questionnaire.** |

---

Dated:

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| | | |
|:---|:---|:---|
| **INDIVIDUALS** |  | **ENTITIES** |
| Signature |  | Print Name of Entity |
|  | By: |  |
| Print Name |  | Authorized Signatory |
| Additional Investor Signature (if applicable) |  | Print Name |
| Print Name |  | Print Title |
|  | By: |  |
|  |  | Additional Signatory (if applicable) |
|  |  | Print Name |
|  |  | Print Title |

---

**Investment Authorization.** The undersigned corporation, partnership, limited liability company, benefit plan, or IRA has all requisite authority to acquire the securities hereby subscribed for and to complete the Questionnaire, and further, the undersigned officer, partner, manager, or fiduciary of the subscribing entity has been duly authorized by all requisite action on the part of such entity to execute these documents on its behalf. Such authorization has not been revoked and is still in full force and effect.

Check Box: ◻ Yes ◻ No ◻ Not Applicable

**CAPACITY CLAIMED BY SIGNER**: (select one)

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| | | | |
|:---|:---|:---|:---|
| ◻ Individual(s) |  | ◻ Attorney-In-Fact |  |
| ◻ Partner(s) |  | ◻ Trustee(s) |  |
| ◻ Corporate Officer: | | ◻ Other: | |
|  | Title |  | Title |

---

<u>Certification of Beneficial Owner(s) & Control Agent</u>

a. Name and Title of Natural Person who is opening this Account
or conducting business:

b. Name, type, andaddress of Legal Entity for which the Account
or business conducted:

c. List each individual/entity who owns 25 percent or more of the
company. Ownership can be direct or indirect, through any contract, arrangement, understanding, or relationship: if non-US company, list
each individual/entity who owns <u>10% or more</u> of the company.

*{If no individual meets this definition, please write "No one owns 25%". If an entity owns 25% or more, inquire as to*

*ownership of that entity until there is no owner more than 25% or there is a person that owns more than 25%}*

 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Name/Title | <br> %of Owner<br> - ship | <br>Date of Birth | <br>Address City, State, Zip | *For US Persons:* Social Security<br> Number) | *For Non-U.S. Persons:* Tax ID Number, Passport Number and Country of Issuance, or other similar<br> identification number' |

---

d. The following information for oneindividual withsignificant responsibility
for managingthe legalentity listed above, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· An executive officer or senior manager (e.g., Chief Executive
Officer, Chief Financial Officer, Chief Operating Officer, Managing Member, General Partner, President, Vice President, Treasurer); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any other individual who regularly performs similar functions.

(If appropriate, an individual listed under section (c) above may also be listed in this section (d)

<u> Name/Title</u> <u> Date of Birth</u> <u> Address City, State, Zip</u> <u> *For US Persons:* Social Security Number)</u> <u> *For Non-U.S. Persons:* Tax ID Number, Passport Number and Country of Issuance, or other similar identification number</u> <br>          

I, __________________(name of natural person opening the account), hereby certify, to the best of my knowledge, that the information provided above is complete and correct.

---

| | |
|:---|:---|
| **Signature** | **Date** |

---

**PARTICIPANT IDENTIFICATION – INTERNAL USE ONLY**

---

| | | |
|:---|:---|:---|
| **PARTICIPANT IDENTIFICATION – INTERNAL USE ONLY** | **PARTICIPANT IDENTIFICATION – INTERNAL USE ONLY** | **PARTICIPANT IDENTIFICATION – INTERNAL USE ONLY** |
| **Identification:** | **Identification:** | **Identification:** |
| **Primary ID Type/No. :** | **Issuer / Issue Date :** | **Exp. Date:** |
| **Secondary ID Type** | | |

---

---

| | |
|:---|:---|
| **Authorized Signer Signature** | **Authorized Signer Signature** |
| **Check Performed** □**YES** □**NO** | **Completed By** |
| **If NO explain:** | |
| **OFAC Performed** □**YES** □**NO** | **Completed By** |
| **If NO explain:** | |

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Boustead Securities, LLC

Form CRS Customer Relationship Summary 04.09.2021

---

| | |
|:---|:---|
| Item 1: Introduction | Boustead Securities, LLC ("BSL") is registered with the Securities and Exchange Commission (SEC) as a broker-dealer and is a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corporation (SIPC). Brokerage and investment advisory services and fees differ and it is important for you to understand these differences. Free and simple tools are available to research firms and financial professionals at Investor.gov/CRS, which also provides<br> educational materials about broker-dealers, investment advisers, and investing. |
| Item 2:<br> What investment services and advice can you provide me? | We offer brokerage services to retail investors, including buying and selling public/private equity, corporate and government debt securities, mutual funds and options. At all times, your BSL representative will be acting in the capacity of a Registered Representative of a broker-dealer. We do not offer account monitoring to our retail clients. Our brokerage services are non-discretionary: you make the ultimate decision regarding the purchase or sale of investments. |
|  | We do not offer any proprietary products to retail clients. We impose no minimum investment size, amount or volume of transactions for brokerage services. However, some public or private equities including those offered on the Flash Funders portal, an affiliate of BSL, require a minimum investment. These investments may require certain specific criteria such as a minimum net worth. |
|  | We do not take custody or hold client assets or funds. Your investments are maintained with independent qualified custodians or held by the issuer. |
|  | <u>Conversation Starters:</u><br> *Given my financial situation, should I choose a brokerage service? Why or why not? How will you choose investments to recommend to me?*<br> *What is your relevant experience, including your licenses, education and other qualifications?*<br> *What do those qualifications mean?* |
| Item 3A:<br> What fees will I pay? | For brokerage services, we charge a transaction-based commission that varies according to the security and the amount invested. The commission is typically a separate fee, add to the cost of your purchase. For bonds, the fee is typically called a markup and is included in the price you pay for the bond. For investments like mutual funds we receive transaction-based fees from the product sponsor in the form of asset- based sales loads. The commission for transactions in a brokerage account ranges between 2% to 5%. In addition to commissions, retail brokerage clients will also incur a transaction confirmation fee, custodian fees, internal fees charged by the issuer or sponsor, account maintenance fees and other fees. Please see our Schedule of Fees, available on the Disclosures page of our website at https://www.boustead1828.com/disclosure. |
|  | For private placements, the commission and other fees are described in detail in the offering memorandum. |
|  | More transactions and/or higher investment amounts equal more fees; therefore, we have an incentive to encourage more transactions and investments of a higher value. |
|  | You will pay fees and costs whether you make or lose money on your investments. Fees and costs will reduce any amount of money you make on your investments overtime. Please make sure you understand what fees and costs you are paying. See our |

---

Boustead Securities, LLC

Form CRS Customer

Relationship Summary

04.09.2021 ---

| | |
|:---|:---|
|  | Regulation BI disclosures at https://www.boustead1828.com/disclosure or call us for assistance 949-504-4409.<br><u>Conversation Starters:</u><br> *Help me understand how these fees and costs might affect my investments. If I give you $10,000 to*<br> *invest, how much will go to fees and costs, and how much will be invested for me?* |
| Item 3B: What are your legal obligations to me when providing recommendations?<br>How else does your firm make money and what conflicts of interest do you have? | ***When we provide you with a recommendation,*** we have to act in your best interest and not put our interest ahead of yours. At the same time, the way we make money creates a conflict with your interests. Please strive to understand and ask us about these conflicts because they can affect the recommendations we provide you.<br>Here are some examples to help you understand what this means: If we recommend an equity security in a brokerage account we will earn between 2% to 5%. If we recommend a public or private equity through our affiliate FlashFunders' portal or separately in a private transaction we will earn substantially more than 5% in sales concessions, warrants and other compensation. You are strongly encouraged to read the prospectus and our supplementary information to understand the costs and fees.<br>There are many risks and costs involved with investing. Please see our Regulation BI Relationship Guide on our website at https://www.boustead1828.com/form-crs-reg- bi or, for equities offered on the FlashFunders portal and other private investments, please carefully read the prospectus. Please also carefully review and verify the accuracy of the information you provide us on account applications, subscription documents and others.<br><u>Conversation Starters:</u><br> *How might your conflicts of interest affect me, and how will you address them?* |
| Item 3C: How do Boustead Securities, LLC financial professionals make money? | Our financial professionals receive compensation including a percentage of the total commission or markup and a portion of the transaction confirmation fee for every transaction they make. In some cases, we or the financial professional will also receive warrants or other incentives for transactions in equities offered on the Flash Funders portal, an affiliate of BSL and/or for other private offerings. These special incentives present a conflict of interest because they provide an opportunity to recommend more frequent transactions or to recommend an investment that will yield higher compensation. We address this conflict by making full disclosure to you, through our non-discretionary services, and by requiring a supervisor of our firm to oversee your<br> transactions. |
| Item 4: Do you or your financial professionals have legal or disciplinary<br> history? | Yes. Our firm does have, and your Registered Representative may have disclosure event(s). Visit https://www.investor.gov/CRS for a free and simple search tool to research us and our financial professionals. Or, visit <u>https://brokercheck.finra.org.</u><br><u>Conversation Starters:</u><br> *As a financial professional, do you have any disciplinary history? For what type of conduct?* |
| Item 5: Additional information | For additional information about our services, please contact your Registered Representative or go to the Regulation BI Relationship Guide on the Disclosure Page on our website at https://www.boustead1828.com/form-crs-reg-bi. If you would like additional, up-to-date information or a copy of this disclosure, please email<br> <u>legal@boustead1828.com</u>. |

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**EXHIBIT A**

****

<br> **FORM OF NOTE**

**<u>Form of Note</u>**

**NEITHER THIS NOTE HAS NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE. THESE SECURITIES HAVE BEEN SOLD IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.**

**PISHPOSH, INC.**

**6% PROMISORRY NOTE**

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| | |
|:---|:---|
| **Issuance Date:________________, 2023** | **Original Principal Amount: $_____________________** |
| **Note No.<u> </u>** |  |

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FOR VALUE RECEIVED, **PishPosh, Inc.**, a Delaware corporation (the "<u>Company</u>" or the "<u>Maker</u>"), hereby promises to pay to the order of ________________________________(the "<u>Subscriber</u>"), or its registered assigns (together with the Subscriber, the "<u>Holder</u>"), the amount set out above as the Original Principal Amount, as reduced pursuant to the terms hereof pursuant to redemption or otherwise (the "<u>Principal</u>"), when due, whether upon the Maturity Date (as defined below), acceleration, redemption or otherwise (in each case in accordance with the terms hereof) and to pay interest ("<u>Interest</u>") on any outstanding Principal at the applicable Interest Rate from the date set out above as the Issuance Date (the "<u>Issuance Date</u>") until the same becomes due and payable, upon the Maturity Date or acceleration, redemption or otherwise (in each case in accordance with the terms hereof).

The Original Principal Amount is<u>_________________</u>Dollars ($<u>____________________</u>). For purposes hereof, the term "<u>Outstanding Balance</u>" means the Original Principal Amount, as reduced or increased, as the case may be, pursuant to the terms hereof or otherwise, plus any accrued but unpaid interest, collection and enforcements costs, and any other fees or charges incurred under this Note.

This Note is being issued pursuant to the terms of a subscription agreement dated as of ____, ___2023 between the Maker and the Subscriber and exhibits thereto (collectively, the "<u>Transaction Documents</u>"). Unless otherwise defined herein, all capitalized terms, when used in this Note, shall have the same meaning as they are defined in the Transaction Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. GENERAL TERMS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Payment of Principal</u>. This Note, together with all accrued interest hereon at the Interest Rate, shall be due and payable on the earlier of the Company's completion of its IPO (as defined below) or _____________, 2025 (the "<u>Maturity Date</u>"). For purposes hereof, "<u>IPO</u>" means the consummation of an initial public offering of its Common Stock and the listing or trading of its Common Stock on The Nasdaq Capital Market or other national securities exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Interest</u>. Interest shall accrue from the Issuance Date on the Original Principal Amount or other outstanding Principal at an annual rate of six percent (6%) (the "<u>Interest Rate</u>") and all accrued interest shall be fully paid on the Maturity Date (or sooner as provided herein) to the Holder or its assignee in whose name this Note is registered on the records of the Maker in cash.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. EVENTS OF DEFAULT.

Whenever used herein, an "<u>Event of Default</u>" means the occurrence and continuation of any one of the following events, whatever the reason, and whether it shall be voluntary or involuntary, or effected by operation of law or pursuant to any judgment, decree or order of any court, or any order, rule or regulation of any administrative or governmental body:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Maker's failure to pay to the Holder any amount of Principal, Interest, or other amounts when and as due under this Note; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A material breach by the Company of any material representation, warranty or covenant contained in the Transaction Documents or a material breach by the Company of any material representation, warranty or covenant contained in the Subscription Agreement, that, if capable of cure, is not cured within 30 days from the date such breach has occurred; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Maker or any subsidiary of the Maker shall commence, or there shall be commenced against the Maker or any subsidiary of the Maker under any applicable bankruptcy or insolvency laws as now or hereafter in effect or any successor thereto, or the Maker or any subsidiary of the Maker commences any other proceeding under any reorganization, arrangement, adjustment of debt, relief of debtors, dissolution, insolvency or liquidation or similar law of any jurisdiction whether now or hereafter in effect relating to the Maker or any subsidiary of the Maker or there is commenced against the Maker or any subsidiary of the Maker any such bankruptcy, insolvency or other proceeding which remains undismissed for a period of ninety-one (91) days; or the Maker or any subsidiary of the Maker is adjudicated insolvent or bankrupt; or any order of relief or other order approving any such case or proceeding is entered; or the Maker or any subsidiary of the Maker suffers any appointment of any custodian, private or court appointed receiver or the like for it or any substantial part of its property which continues undischarged or unstayed for a period of ninety-one (91) days; or the Maker or any subsidiary of the Maker makes a general assignment for the benefit of creditors; or the Maker or any subsidiary of the Maker shall fail to pay, or shall state that it is unable to pay, or shall be unable to pay, its debts generally as they become due; or the Maker or any subsidiary of the Maker shall call a meeting of its creditors with a view to arranging a composition, adjustment or restructuring of its debts; or the Maker or any subsidiary of the Maker shall by any act or failure to act expressly indicate its consent to, approval of or acquiescence in any of the foregoing; or any corporate or other action is taken by the Maker or any subsidiary of the Maker for the purpose of effecting any of the foregoing.

3. PREPAYMENT; OTHER.

This Note may be prepaid by the Company at any time in its sole discretion, without premium or penalty. This Note is unsecured.

4. REISSUANCE OF THIS NOTE.

Upon receipt by the Maker of evidence reasonably satisfactory to the Maker of the loss, theft, destruction or mutilation of this Note, and, in the case of loss, theft or destruction, of any indemnification undertaking by the Holder to the Maker in customary form and, in the case of mutilation, upon surrender and cancellation of this Note, the Maker shall execute and deliver to the Holder a new Note representing the outstanding Principal.

5. NOTICES.

Any notices, consents, waivers or other communications required or permitted to be given under the terms shall be handled according to the Notice clause in the Subscription Agreement. The addresses for such communications shall be:

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| |
|:---|
| If to the Maker: |
| Mr. Chaim (Charlie) Birnbaum |
| Chief Executive Officer |
| PishPosh, Inc. |
| 1915 Swarthmore Avenue |
| Lakewood, New Jersey 08701 |
| If to the Holder: |
| [\*] |

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6. APPLICABLE LAW AND VENUE.

This Note shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to conflicts of laws thereof. Any action brought by either party against the other concerning the transactions contemplated by this Agreement shall be brought only in the state courts of New York or in the federal courts located in New York County, in the State of New York. Both parties and the individuals signing this Agreement agree to submit to the jurisdiction of such courts.

7. WAIVER.

Any waiver by the Holder of a breach of any provision of this Note shall not operate as or be construed to be a waiver of any other breach of such provision or of any breach of any other provision of this Note. The failure of the Holder to insist upon strict adherence to any term of this Note on one or more occasions shall not be considered a waiver or deprive that party of the right thereafter to insist upon strict adherence to that term or any other term of this Note. Any waiver must be in writing.

8. MISCELLANEOUS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Lawful Money; Costs of Collection</u>. All amounts payable hereunder are payable in lawful money of the United States. The Company agrees to pay all costs of collection when incurred, including reasonable attorneys' fees and costs, whether or not a suit or action is instituted to enforce this Note, including but not limited to court costs, appraisal fees, the cost of searching records, obtaining title reports and title insurance and trustee's fees, to the extent permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>No Offset; Holder in Due Course</u>. All payments under this Note made by or on behalf of The Company shall be made without setoff or counterclaim and free and clear of, and without deduction or withholding for or on account of, any federal, state, or local taxes. The Company waives any right of offset it now has or may hereafter have against Holder and its successors and assigns as to this Note (but retains any such rights as to any other prior or future transaction between these parties), and agrees to make the payments called for hereunder in accordance with the terms hereof. The holder hereof and all successors thereof shall have all the rights of a holder in due course as provided in the Delaware Uniform Commercial Code and other laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Waivers</u>. The Company waives presentment and demand for payment, notice of intent to accelerate maturity, protest or notice of protest or nonpayment, bringing of suit and diligence in taking any action to collect any sums owing hereunder; expressly agree that this Note, or any payment hereunder, may be extended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Usury Protection</u>. The parties hereto intend to conform strictly to the applicable usury laws. In no event, regardless of any provisions contained therein or in any other document executed or delivered in connection herewith, shall the holder hereof ever be deemed to have contracted for or be entitled to receive, collect or apply as interest on this Note, any amount in excess of the maximum amount permitted by applicable law (the "<u>Maximum Rate</u>"). In no event, whether by reason of demand for payment, prepayment, acceleration of the maturity hereof or otherwise, shall the interest contracted for, charged or received by the holder hereunder or otherwise exceed the Maximum Rate. If for any circumstance whatsoever interest would otherwise be payable to the holder in excess of the maximum lawful amount, the interest payable to the holder shall be reduced automatically to the Maximum Rate and any payment received in excess of such amount shall be applied to the outstanding principal balance of the Note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Entire Agreement</u>. This Note, the other Transaction Documents, and all other documents and instruments contemplated hereby and thereby together constitute the entire agreement between and among the parties pertaining to the subject matter hereof. No supplement, modification or amendment of this Note shall be binding unless executed in writing by the parties. No waiver shall be binding unless executed in writing by the party making the waiver. No provision of this Note shall be interpreted for or against the drafting party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Commercial Purpose.</u> The Company agrees that no funds advanced under this Note shall be used for personal, family or household purposes, and that all funds advanced hereunder shall be used solely for business, commercial, investment or other similar purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Successors and Assigns</u>. All the terms and provisions of this Note shall be binding upon and inure to the benefit of the parties to this Note and their respective successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Assignment</u>. The Company may not, voluntarily or involuntarily, directly or indirectly, by operation of law or otherwise, sell, transfer, assign, hypothecate, pledge or in any way alienate this Note or any right or interest in this Note (each a "<u>Transfer</u>") without Holder's prior written consent, which Holder may withhold in its sole and absolute discretion. Any consent by Holder to any Transfer shall not constitute consent to any other Transfer. Holder may freely Transfer its interest, rights, or title in or to this Note or the other Transaction Documents in Holder's sole and absolute discretion.

`

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Construction.</u> Whenever used in this Note, the terms "including," "include," "includes" and the like are not intended as terms of limitation, and, hence, shall be deemed to be followed by "without limitation."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) <u>Severability</u>. If any provision of this Note, as applied to any party or to any circumstance, shall be found by a court of competent jurisdiction to be void, invalid or unenforceable, the same shall in no way affect any other provision of this Note, the application of any such provision in any other circumstance, or the validity or enforceability of this Note, and any provision which is found to be void, invalid or unenforceable shall be curtailed and limited only to the extent necessary to bring such provision within the requirements of the law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) <u>Survival of Terms</u>. The terms and provisions of this Note shall survive the Maturity Date until full payment of all amounts due hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) <u>Preferential Payment</u>. If at any time any payment made pursuant to this Note is deemed to have been a voidable preference, fraudulent conveyance or other similar conveyance or preferential payment under any bankruptcy, insolvency or other debtor relief or similar law and the Holder is as a result required to return funds, then the obligation to make such payment shall survive any cancellation or satisfaction of this Note or return of this Note to The Company and shall not be discharged or satisfied with any such payment or cancellation. Such payment shall instead remain a valid and binding obligation enforceable in accordance with the terms of this Note and shall be immediately due and payable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) <u>Relief From Stay</u>. As an additional inducement to and material consideration for Holder agreeing to execute this this Note and the other Transaction Documents, The Company agrees that in the event a Bankruptcy or Judicial Action (as hereinafter defined in this <u>Section 8(m)</u>) is commenced which subjects Holder to any stay in the exercise of Holder's rights and remedies under this Note or the other Transaction Documents, including, but not limited to, the automatic stay imposed by Section 362 of the United States Bankruptcy Code (individually and collectively, "<u>Stay</u>"), then The Company irrevocably consents and agrees that such Stay shall automatically be lifted and released against Holder, and Holder shall thereafter be entitled to exercise all of its rights and remedies against The Company that is or could be subject any Stay under this Note or the other Transaction Documents. Nothing contained herein shall limit or prevent Holder from exercising all of its rights and remedies against The Company that is not the subject any Stay under this Note or the other Transaction Documents. The Company acknowledges that it is knowingly, voluntarily, and intentionally waiving its rights to any Stay and agrees that the benefits provided to The Company under the terms of this Note are valuable consideration for such waiver. As used in this <u>Section 8(m)</u>, the term "<u>Bankruptcy or Judicial Action</u>" shall mean any voluntary or involuntary case filed by or against a The Company under the United States Bankruptcy Code, or any voluntary or involuntary petition in composition, readjustment, liquidation, or dissolution, or any state and federal bankruptcy law action filed by or against a The Company, any action where a The Company is adjudicated as bankrupt or insolvent, any action for dissolution of a The Company, or any action in furtherance of any of the foregoing, or any other action, case, or proceeding that has the effect of staying (or in which a stay is being obtained against) the enforcement by Holder of its rights and remedies under the this Note or the other Transaction Documents.

Except to enforce the terms of the Transaction Documents, the Company shall not take any action and shall not fail to take any action which such action or omission will or might tend to interfere with, delay, enjoin or otherwise prohibit the commencement, continuation or completion of efforts by Holder to enforce its remedies under this Note or the other Transaction Documents, or applicable law. Without limiting the generality of the foregoing and except to enforce the terms of the Transaction Documents, the Company waives its right, if any, to seek or obtain a stay, injunction or other form of order prohibiting in any way any act necessary or appropriate for the commencement or completion of Holder's enforcement of its remedies under the this Note or the other Transaction Documents, or applicable law (without limiting the generality of the foregoing, such waiver extends to such rights which may exist under any statute or rule relating to bankruptcy cases, including, without limitation, 11 U.S.C. § 105, 11 U.S.C. § 301, 11 U.S.C. § 302, 11 U.S.C. § 303, 11 U.S.C. § 304, 11 U.S.C. § 362, 11 U.S.C. § 348, 11 U.S.C. §706, 28 U.S.C. § 157, 28 U.S.C. § 158, Federal Rule of bankruptcy Procedure ("FRBP") 3007, FRBP 3008, FRBP 3012, FRBP 8005, FRBP 9023, FRBP 9024, or FRBP 9029).

9. AMENDMENT AND WAIVER OF RIGHTS.

This Note may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holders of Notes representing a majority of the principal under all Notes issued in the Offering that are outstanding.

10. WAIVER OF RIGHT TO TRIAL BY JURY.

EACH PARTY TO THIS NOTE HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION (1) ARISING UNDER THIS NOTE, THE OTHER TRANSACTION DOCUMENTS, OR ANY OTHER INSTRUMENT, DOCUMENT, OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION THEREWITH, OR (2) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS NOTE OR ANY OTHER INSTRUMENT, DOCUMENT, OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR THE TRANSACTIONS RELATED HERETO OR THERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER SOUNDING IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION, OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY. THE PARTIES HERETO HEREBY AGREE THAT THE PROVISIONS CONTAINED HEREIN HAVE BEEN FAIRLY NEGOTIATED ON AN ARM'S-LENGTH BASIS, WITH BOTH SIDES AGREEING TO THE SAME KNOWINGLY AND BEING AFFORDED THE OPPORTUNITY TO HAVE THEIR RESPECTIVE LEGAL COUNSEL CONSENT TO THE MATTERS CONTAINED HEREIN. ANY PARTY TO THIS NOTE MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY AND THE AGREEMENTS CONTAINED HEREIN REGARDING THE APPLICATION OF JUDICIAL REFERENCE IN THE EVENT OF THE INVALIDITY OF SUCH JURY TRIAL WAIVER.

IN WITNESS WHEREOF, each of the Maker has caused this Note to be duly executed by a duly authorized officer as of the date set forth above.

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| | | |
|:---|:---|:---|
|  | PishPosh, Inc. | PishPosh, Inc. |
|  | By: | |
|  | Name: | Chaim (Charlie) Birnbaum |
|  | Title: | Chief Executive Officer |
| Note No. [ ] |  |  |

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**EXHIBIT B<br> FORM OF WARRANT**

NEITHER THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.

**COMMON STOCK PURCHASE WARRANT**

**PISHPOSH, INC.**

Warrant No._____________ Issue Date: _________, 2023

THIS COMMON STOCK PURCHASE WARRANT (the "***Warrant***") certifies that, for value received, **_____________**, or any registered permitted assigns (the "***Holder***") is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time following the Issue Date (the "***Initial Exercise Date***") and on or prior to the close of business on **[\*],**[1](#note_ftn1) subject to the provisions of Section 2 below (the "***Termination Date***") but not thereafter, to subscribe for and purchase from **PishPosh, Inc**.**,** a Delaware corporation (the "***Company***"), up to ______________ shares of Common Stock (the "***Warrant Shares***"). The purchase price of one share of Common Stock under this Warrant shall be $1.00.

This Warrant has been issued pursuant to the terms of a subscription agreement dated as of , 2023 between the Company and Holder, as part of an offering (the "***Offering***") by the Company of combination of a promissory note, including a promissory note in the initial principal amount of $_________ by the Company in favor of Holder (the "***Note***"), and a warrant, including this Warrant.

<u>Section 1</u>. <u>Definitions</u>. For the purposes hereof, in addition to the terms defined elsewhere in this Warrant, (a) capitalized terms not otherwise defined herein shall have the meanings set forth in the Subscription Agreement entered into by the Company and the Holder of even day herewith and (b) the following terms shall have the following meanings:

"***Business Day***" means any day except any Saturday, any Sunday, any day which shall be a federal legal holiday in the United States or any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close.

"***Common Stock***" means the shares of common stock, $0.000001 par value per share, of the Company.

"***Exercise Period***" shall have the meaning as that term is defined in Section 2(a) below.

"***IPO***" means the consummation of an initial public offering of its Common Stock and the listing or trading of its Common Stock on a Trading Market or any other national securities exchange.

"***Person***" means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

<sup>1</sup> Five years from the Issue Date

"***Securities Act***" means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

"***Trading Day***" means a day on which the New York Stock Exchange is open for business.

"***Trading Market***" means the following markets or exchanges on which the Common Stock may be listed or quoted for trading on the date in question: the NYSE AMERICAN, LLC , The Nasdaq Capital Market, The Nasdaq Global Market, The Nasdaq Global Select Market, or the New York Stock Exchange.

"***Transfer Agent***" means Securities Transfer Corporation.

<u>Section 2.</u> <u>Exercise.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date (the "***Exercise Period***") by delivery to the Company (or such other office or agency of the Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing on the books of the Company) of (1) a duly executed notice of exercise ("***Notice of Exercise***") in the form attached hereto as <u>Exhibit A</u> and (2) payment of the aggregate Exercise Price of the shares thereby purchased by wire transfer or cashier's check drawn on a United States bank; *<u>provided</u>*, that if the Holder of this Warrant has not elected to exercise this Warrant prior to the earlier of the consummation of the Company's IPO or the Maturity Date (as defined in the Note), then this Warrant shall automatically be deemed to have been exercised upon the consummation of the Company's IPO, and at such time, as payment of the aggregate Exercise Price under this Warrant, the principal of the Note will be deemed repaid in full, and such deemed repayment will be considered payment in full of the aggregate Exercise Price of this Warrant; *<u>provided further</u>* that in the event that at the time of the automatic exercise of the Warrant the principal and interest then owed on the Note is less than the aggregate Exercise Price of this Warrant the Holder will immediately pay to the Company such deficiency by wire transfer or cashier's check drawn on a United States bank, and the Warrant Shares will not be issued to the Holder until such deficiency payment is received by the Company. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation along with the date the final Notice of Exercise is delivered to the Company or consummation of the Company's IPO. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall have the effect of automatically lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the date(s) of such purchases. In the event of any dispute or discrepancy, the records of the Company shall be controlling and determinative in the absence of manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Exercise Price</u>. The exercise price per share of the Common Stock under this Warrant shall be $1.00.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Mechanics of Exercise</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Delivery of Warrant Shares Upon Exercise</u>. Certificates for shares purchased hereunder shall be transmitted by the Company's transfer agent (the "***Transfer Agent***") to the Holder by crediting the account of the Holder's prime broker with the Depository Trust Company through its Deposit Withdrawal Agent Commission ("***DWAC***") system if the Company is then a participant in such system and and otherwise by physical delivery of certificates to the address specified by the Holder in the Notice of Exercise within four (4) Trading Days from the delivery to the Company of the Notice of Exercise Form, surrender of this Warrant (if required) and payment of the aggregate Exercise Price as set forth above (the "***Warrant Share Delivery Date***"). This Warrant shall be deemed to have been exercised on the date the aggregate Exercise Price is received by the Company. The Warrant Shares shall be deemed to have been issued, and Holder or any other person so designated to be named therein shall be deemed to have become a holder of record of such shares for all purposes, as of the date the Warrant has been exercised by payment to the Company of the aggregate Exercise Price and all taxes required to be paid by the Holder, if any, pursuant to Section 2(c)(v) prior to the issuance of such shares, have been paid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Delivery of Warrants Upon Exercise</u>. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender of this Warrant, at the time of delivery of the certificate or certificates representing Warrant Shares, deliver to Holder a new Warrant evidencing the rights of Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>Rescission Rights</u>. If the Company fails to cause the Transfer Agent to transmit to the Holder a certificate or the certificates (or otherwise issue to the Holder in book entry) representing the Warrant Shares pursuant to Section 2(c)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. <u>No Fractional Shares or Scrip</u>. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. As to any fraction of a share which Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price or round up to the next whole share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. <u>Charges, Taxes and Expenses</u>. Issuance of certificates for Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such certificate, all of which taxes and expenses shall be paid by the Company, and such certificates shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; <u>provided, however</u>, that in the event certificates for Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the assignment form ("***Assignment Form***") attached hereto as <u>Exhibit B</u> duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. <u>Closing of Books</u>. The Company will not close its shareholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof.

<u>Section 3.</u> <u>Certain Adjustments.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Stock Dividends and Splits</u>. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise make a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not include any Warrant Shares issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares or (iv) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of shareholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Calculations</u>. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Notice to Holder</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Adjustment to Exercise Price</u>. Whenever the Exercise Price is adjusted pursuant to any provision of this <u>Section 3</u>, the Company shall promptly mail to the Holder a notice setting forth the Exercise Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment; provided, however, that the Company may satisfy the notice requirement in this Section 3(c) by filing such information with the Commission on its EDGAR system pursuant to a Current Report on Form 8-K or Quarterly Report on Form 10-Q or Annual Report on Form 10-K.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Notice to Allow Exercise by Holder</u>. If (A) the Company shall declare a dividend or any other distribution in whatever form (other than a stock split) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock (excluding any granting or issuance of rights to all of the Company's stockholders pursuant to a stockholder rights plan), (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any shareholders of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, of any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be mailed to the Holder at its last address as it shall appear upon the Warrant Register of the Company, at least 10 calendar days prior to the applicable record or effective date hereinafter specified (unless such information is filed with the Commission on its EDGAR system in which case a notice shall not be required), a notice stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to mail such notice or any defect therein or in the mailing thereof shall not affect the validity of the corporate action required to be specified in such notice. The Holder is entitled to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering such notice.

---

| | |
|:---|:---|
| <u>Section **4.**</u> | <u>Transfer of Warrant.</u> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>Transferability</u>. Subject to Section 4(d), this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. The Warrant, if properly assigned, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Warrants</u>. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the Initial Exercise Date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Warrant Register</u>. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the "***Warrant Register***"), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Coupling with Note</u>. Notwithstanding anything to the contrary elsewhere in this Warrant, for so long as the Note is outstanding, this Warrant is attached to the Note and may not be transferred to any person in whole or in part unless (i) the Company has consented to such transfer and (ii) such transfer is to the same transferee for both the Note and this Warrant in their entirety.

<u>Section 5.</u> <u>Miscellaneous.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) <u>No Rights as Shareholder Until Exercise</u>. This Warrant does not entitle the Holder to any voting rights or other rights as a shareholder of the Company prior to the exercise hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) <u>Loss, Theft, Destruction or Mutilation of Warrant</u>. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant, shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated, the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of such Warrant or stock certificate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) <u>Saturdays, Sundays, Holidays, etc</u>. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding Business Day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) <u>Authorized Shares</u>.

The Company covenants that, upon effectiveness of the Company's IPO, it will reserve from its authorized and unissued Common Stock one hundred (100%) of the number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant. In case such amount of Common Stock is insufficient at any time, the Company shall call and hold a special meeting to increase the number of authorized shares of common stock. Management of the Company shall recommend to shareholders to vote in favor of increasing the number of authorized shares of common stock.

Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its amended and restated certificate of incorporation, as amended, or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

Before taking any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body or bodies having jurisdiction thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) <u>Jurisdiction; Venue</u>. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance with the provisions of the laws of the State of New York. Any action brought by either party against the other concerning the transactions contemplated by this Agreement shall be brought only in the state courts of New York or in the federal courts located in New York County, in the State of New York. Both parties and the individuals signing this Warrant agree to submit to the jurisdiction of such courts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) <u>Restrictions</u>. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, will have restrictions upon resale imposed by state and federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) <u>Nonwaiver and Expenses</u>. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice Holder's rights, powers or remedies, notwithstanding the fact that all rights hereunder terminate on the Termination Date. If the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys' fees, including those of appellate proceedings, incurred by Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) <u>Notices</u>. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the addresses provided by the Holder of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) <u>Limitation of Liability</u>. No provision hereof, in the absence of any affirmative action by Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of Holder, shall give rise to any liability of Holder for the purchase price of any Common Stock or as a shareholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j) <u>Remedies</u>. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k) <u>Successors and Assigns</u>. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of all Holders from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l) <u>Amendment</u>. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holders of a majority of the Warrant Shares underlying the Warrants of the Company issued in the Offering that are outstanding as of such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m) <u>Severability</u>. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n) <u>Headings</u>. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.

[Signature Page Follows.]

IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first above indicated.

---

| | |
|:---|:---|
| **PISHPOSH, INC.** | **PISHPOSH, INC.** |
| By: |  |
| Name: | Chaim (Charlie) Birnbaum |
| Title: | Chief Executive Officer |

---

Agreed and acknowledged on this _____ day of ____________, 2023

---

| | |
|:---|:---|
| **INVESTOR:** | **INVESTOR:** |
| By: |  |
|  | Name: |
|  | Title: |

---

<u>EXHIBIT A</u>

**NOTICE OF EXERCISE**

TO:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The undersigned hereby elects to purchase**<u>___________</u>**Warrant Shares of the Company pursuant to the terms of the attached Warrant and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Please issue a certificate or certificates representing said Warrant Shares in the name of the undersigned or in such other name as is specified below:

The Warrant Shares shall be delivered to the following DWAC Account Number or by physical delivery of a certificate to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) <u>Accredited Investor</u>. The undersigned is an "accredited investor" as defined in Regulation D promulgated under the Securities Act of 1933, as amended.

[SIGNATURE OF HOLDER]

---

| |
|:---|
| Name of Investing Entity: |
| *Signature of Authorized Signatory of Investing Entity*: |
| Name of Authorized Signatory: |
| Title of Authorized Signatory: |
| Date: |

---

<u>EXHIBIT B</u>

**ASSIGNMENT FORM**

(To assign the foregoing warrant, execute this form and supply required information. Do not use this form to exercise the warrant.)

FOR VALUE RECEIVED, [the Warrant (defined below)] – OR – [a portion of this Warrant exercisable to acquire <u>___________</u>] Warrant Shares and all rights evidenced thereby are hereby assigned to<u> </u> whose address is ____________________.

Defined terms used in this assignment have the meaning ascribed to them in that certain Warrant agreement dated _________________, 2023, between Pish Posh, Inc. and _________________ (the "<u>Warrant</u>").

ASSIGNOR:

---

| | |
|:---|:---|
| Individual: | Entity: |
|  | Entity Name: |
|  | By: |
| Name: | Name: |
| Date: | Title: |
|  | Date: |
| Assignor's Address: |  |

---

Signature Guaranteed:  

NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.

## Exhibit 23.1

**Exhibit 23.1**

**Consent of Independent Registered Public Accounting Firm**

We consent to the use of our report dated March 28, 2023, in the Annual Report on Form 10-K of PishPosh, Inc., dated March 28, 2023.

---

| |
|:---|
| /s/ Morison Cogen LLP |
| March 28, 2023 |

---

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO RULE 13a-14(a) /**

**RULE 15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED**

I, Chaim (Charlie) Birnbaum, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Annual Report on Form 10-K for the fiscal year ended December 31, 2022 of PishPosh,
Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for,
the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting
(as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered
by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an
annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over
financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation
of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board
of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

Date: March 28, 2023

---

| |
|:---|
| /s/ CHAIM (CHARLIE) BIRNBAUM |
| Chaim (Charlie) Birnbaum |
| Chief Executive Officer |
| (*Principal Executive Officer*) |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO RULE 13a-14(a) /**

**RULE 15d-14(a) OF THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED**

I, Eric Sherb, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this Annual Report on Form 10-K for the fiscal year ended December 31, 2022 of PishPosh,
Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for,
the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting
(as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered
by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an
annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over
financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation
of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board
of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

Dated: March 28, 2023

---

| |
|:---|
| /s/ ERIC SHERB |
| Eric Sherb |
| Chief Financial Officer |
| (*Principal Financial and Accounting Officer*) |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATIONS OF CEO AND CFO PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with this Annual Report on Form 10-K of PishPosh, Inc. (the "Company") for the fiscal year ended December 31, 2022, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), each of the undersigned hereby certifies, pursuant to 18 U.S.C. (section) 1350, as adopted pursuant to (section) 906 of the Sarbanes-Oxley Act of 2002, that to the best of his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
 Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The
 information contained in the Report fairly presents, in all material respects, the financial
 condition and results of operations of the Company.

Dated: March 28, 2023

---

| |
|:---|
| /s/ CHAIM (CHARLIE) BIRNBAUM |
| Chaim (Charlie) Birnbaum |
| Chief Executive Officer |
| (*Principal Executive Officer*) |
| /s/ ERIC SHERB |
| Eric Sherb |
| Chief Financial Officer |
| (*Principal Financial Officer*) |

---