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carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carry forwards.
Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which
those temporary differences are expected to be recovered or settled. The effect on net deferred tax assets and liabilities of
a change in tax rates is recognized in income in the period that includes the enactment date. At April 30, 2021 the Company had
a full valuation allowance against its deferred tax assets, accordingly the Company did not recognize an income tax benefit for
losses incurred during the nine month period ended April 30, 2021.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Use
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial
statements and the reported amounts of revenue and expenses during the reporting periods.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Research
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Expenditures
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drugs, and amounts incurred for conducting clinical trials. Amounts expected to be received from governments under research and
development tax credit arrangements or from partners in collaboration arrangements are offset against current research and development
expense.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company has started Ii-Key viral vaccine research in the current quarter in an effort to become revenue producing and bring vaccines
to market on behalf of the parent company Generex Biotechnology. In effect, the Company has incurred increased expenses to achieve
that goal with the financial support of Generex in the current period.</font></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Income
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upon examination based upon the technical merits of the position. If the more likely than not threshold is met, a company must
measure the tax position to determine the amount to recognize in the financial statements. Deferred income taxes are recorded
for temporary differences between financial statement carrying amounts and the tax basis of assets and liabilities. Deferred tax
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thereof that have effective dates during the periods reported and in future periods. The Company does not believe that any new
or modified standards will have a material impact on the Company’s reported financial position or operations in the near
term. The applicability of any standard is subject to the formal review of our financial management and certain standards are
under consideration.</font></p>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">The accompanying unaudited condensed
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S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements.
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">Operating results for the nine
months ended April 30, 2021 are not necessarily indicative of the results that may be expected for the fiscal year ending July 31,
2021.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><b><u>Note 1 – Nature
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">NuGenerex Immuno-Oncology, Inc.
(the “Company”) is an oncology company focused on the modulation of the immune system to treat cancer. To that end, the Company
is developing immunotherapeutic products and vaccines based on proprietary, patented platform technology, Ii-Key.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">The accompanying financial statements
of Nugenerex Immuno-Oncology, Inc. (the “Company”) have been prepared in conformity with accounting principles generally accepted
in the United States of America (“U.S. GAAP”), which contemplates continuation of the Company as a going concern. The Company
has experienced recurring net losses and negative cash flows from operations since inception and has both accumulated deficits of approximately
$44.2 million and a working capital deficiency of approximately $8.6 million as of April 30, 2021. The Company’s majority owner,
Generex Biotechnology Corporation (“Generex”) has funded substantially all the Company’s underlying working capital
deficiencies. The uncertain economic fallout from the COVID -19 pandemic may also adversely affect our operations (See Commitments and
Contingencies). These conditions raise substantial doubt about the Company’s ability to continue as a going concern.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">The Company will continue to
require substantial funds to implement its business plans.  Management’s plans, to meet its operating cash flow requirements,
include financing activities such as public or private placements of its common stock, preferred stock offerings, and issuances of debt
and convertible debt instruments. There are no assurances that such additional funding will be achieved and that the Company will succeed
in its future operations. Management is also actively pursuing financial and strategic alternatives, including strategic investments and
divestitures, industry collaboration activities and strategic partners.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">These financial statements do
not include any adjustments to the recoverability and classification of recorded assets amounts and classification of liabilities that
might be necessary should the Company not be able to continue as a going concern. The Company’s inability to obtain required funding
in the near future or its inability to obtain funding on favorable terms will have a material adverse effect on its operations and strategic
development plan for future growth. If the Company cannot successfully raise additional capital and implement its strategic development
plan, its liquidity, financial condition, and business prospects will be materially and adversely affected, and the Company may have to
cease operations.</p>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><b><u>Note 2 – Summary
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><b>Basis of Presentation</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">The Company has been dependent
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">The accompanying unaudited condensed
financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States
of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation
S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements.
In the opinion of management, all adjustments, which include only normal recurring adjustments, considered necessary for a fair presentation
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">Operating results for the nine
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><b>Use of Estimates</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">The preparation of financial
statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><b>Research and Development
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">Expenditures for research and
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or from partners in collaboration arrangements are offset against current research and development expense.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">The Company has started Ii-Key
viral vaccine research in the current quarter in an effort to become revenue producing and bring vaccines to market on behalf of the parent
company Generex Biotechnology. In effect, the Company has incurred increased expenses to achieve that goal with the financial support
of Generex in the current period.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><b>Income Taxes</b></p>
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consolidated federal tax return. All tax provisions and the related tax liabilities and assets have been computed using the separate return
method, as if the company was the legal taxpayer.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">Income taxes are accounted for
under the asset and liability method prescribed by FASB Accounting Standards Codification (“ASC”) Topic 740. These standards
require a company to determine whether it is more likely than not that a tax position will be sustained upon examination based upon the
technical merits of the position. If the more likely than not threshold is met, a company must measure the tax position to determine the
amount to recognize in the financial statements. Deferred income taxes are recorded for temporary differences between financial statement
carrying amounts and the tax basis of assets and liabilities. Deferred tax assets and liabilities reflect the tax rates expected to be
in effect for the years in which the differences are expected to reverse. A valuation allowance is provided if it is more likely than
not that some or all of the deferred tax asset will not be realized.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><b>Revenue </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">The Company expects to generate
revenue from licenses to access its intellectual property.</p>
<p style="font: 10pt/105% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">If a license to the Company’s intellectual
property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues
attributed to the license when the license is transferred to the customer and the customer is able to use and benefit from the license.
For licenses that are bundled with other promises, the Company utilizes judgement to assess the nature of the combined performance obligation
to determine whether the combined performance obligation is satisfied over time or at a point in time. At the inception of each arrangement
that contain development milestones, the Company evaluates whether the development milestones included are considered probable of being
reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a
significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments
that are not within the control of the Company or the licensee, such as regulatory approvals, are not generally considered probable of
being achieved until those approvals are received.</p>
<p style="font: 10pt/105% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">As of April 30, 2021, none of the performance
obligations have been met and accordingly, the Company recorded a contract liability of $6,300,000.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><b>New Accounting Standards</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">The Company has reviewed the
FASB issued Accounting Standards Update (“ASU”) accounting pronouncements and interpretations thereof that have effective
dates during the periods reported and in future periods. The Company does not believe that any new or modified standards will have a material
impact on the Company’s reported financial position or operations in the near term. The applicability of any standard is subject
to the formal review of our financial management and certain standards are under consideration.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><b><u>Note 3 - Commitments and
Contingencies:</u></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><b>Commitments</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">On November 20, 2018, the Company
entered into a clinical trial agreement with NSABP Foundation, Inc. (“NSABP”) under which NSABP will conduct clinical research
using the Company’s AE37 peptide immunotherapeutic vaccine in combination with pembrolizumab (Ketruda®) for the treatment of
metastatic triple negative breast cancer. The Company has agreed to pay NSABP an amount not to exceed $2,118,461 based on NSABP achieving
various milestones. The Company incurred $0 and $80,000 for the three and nine months ended April 30, 2021, respectively, and $0 and $251,459
for the three and nine months ended April 30, 2020 as research and development related to the clinical trial agreement with NSABP for
the period ended April 30, 2021 and 2020, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">The Clinical Trial Agreement
terminates upon the completion of the obligations under such agreement. The Clinical Trial Agreement may be terminated by (i) any party
if the authorization to conduct the Phase II clinical trial is revoked by the FDA; if the human and/or toxicology results support termination;
safety concerns; if the manufacture of a drug used in the Phase II clinical trial has been exhausted or (ii) by NSABP if NGIO fails to
pay NSABP an undisputed amount under the Clinical Trial Agreement.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">On July 7, 2020 we entered into
an agreement with Ajinomoto Bio-Pharma Services (“Ajin”) under which Ajin will manufacture one cGMP batch of AE 37. We may
cancel the agreement by providing Ajin written notice. If we cancel the project, we will be subject to cancellation fees and be required
to reimburse Ajin’s unbilled costs prior to the effective date of the cancellation. Over the life of the agreement the Company has
incurred $216,821 of expense from this commitment. The total expense incurred for this commitment related to the three and nine months
ending on April 30, 2021 were $1,500 and $95,371, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">On October 2, 2020, the Company
entered into an agreement with Polypeptide Laboratories San Diego (PLSD) to provide services for individual studies and projects, which
may include synthetic process development, chemical synthesis, analytical method development and analysis of peptides and any other services
relating to chemistry services requested from the Company. The Company shall conduct research activities and pay Polypeptide Laboratories
San Diego for fees, expenses, and pass-through costs in accordance with each work order. The Company has agreed to pay Polypeptide Laboratories
San Diego an amount not to exceed $684,521 based on PLSD achieving various milestones. The Company recognized $108,580 and $621,970 as
research and development expense related to the agreement with PLSD for the three and nine months ended April 30, 2021. The Company has
incurred a total expense related to this contract of approximately $634,000.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">On October 5, 2020, the Company
and its parent Generex entered into a Distribution and Licensing Agreement (the “Bintai Agreement”) with Bintai Healthcare
SDN BHD (“BHSB”), a subsidiary of Bintai Kinden Corporation Berhad of Malaysia (“Bintai”) for the exclusive rights
to distribute, sell, develop and commercialize the Generex Ii-Key-SARS-CoV-2 coronavirus vaccine (the “Vaccine”) in Malaysia
and South East Asia countries, with right of first refusal to commercialize the Vaccine within New Zealand, Australia and the Global Halal
markets (the “Territory”). The Agreement, among other things, consists of Bintai providing 100% funding for U.S. clinical
development, manufacturing, and commercial registration of the Vaccine for the Territory. Under the aforementioned agreement, BHSB will
provide collectively the Company and Generex with the following:</p>
<table cellspacing="0" cellpadding="0" style="width: 100%">
<tr style="vertical-align: top">
<td style="font: 12pt Times New Roman, Times, Serif; width: 24px"> </td>
<td style="font: 12pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><font style="font-size: 10pt">1.</font></td>
<td style="font: 12pt Times New Roman, Times, Serif; text-align: justify"><font style="font-size: 10pt">Payments of $2,625,000 as follows for pre-commercial stage as follows:</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 72px"> </td>
<td style="width: 24px; text-align: justify"><font style="font-size: 10pt">a.</font></td>
<td style="text-align: justify"><font style="font-size: 10pt">$2,000,000 upon the execution of the Bintai agreement.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 72px"> </td>
<td style="width: 24px; text-align: justify"><font style="font-size: 10pt">b.</font></td>
<td style="text-align: justify"><font style="font-size: 10pt">$625,000 prior to commercialization.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; text-align: justify"><font style="font-size: 10pt">2.</font></td>
<td style="text-align: justify"><font style="font-size: 10pt">A payment of $10,000,000 upon commencement of commercialization.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">If the Vaccine does not reach
commercialization and does not secure the necessary FDA approvals within 6 months or within an approved reasonable amount of time thereafter,
from the execution of this agreement, BHSB will be repaid the initial $2,000,000 payment. </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">During the period ending January
31, 2021 the Company entered a Letter of Understanding with Generex, which illustrated the following terms in relation to fee sharing,
considering the Bintai Agreement:</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 20pt">1. The Company shall perform
all applicable services, terms and conditions under the Agreement.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 20pt">2. Generex shall pay the
Company 90% of all fees derived from the Bintai Agreement.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 20pt">3. Generex shall pay for
the cost to get the Ii-Key Peptide Vaccine for COVID-19 completed or until NGIO is publicly listed on a national exchange, such as NASDAQ.
All payments made by Generex related to this agreement shall be recorded as capital contributions to the Company, as the Company will
not repay these.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">As of April 30, 2021 Generex
received $2,000,000 in connection with this contract. The Company has recorded $1,800,000 as a due from related party with an offset to
contract liability.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">On November 13, 2020, Generex,
the Company, Beijing Youfeng International Consulting Co., Ltd (“Youfeng”), Chinese Centre for Disease Control and Prevention
National Institute for Viral Disease Control and Prevention (the “Chinese CDC”) and Beijing Guoxin Haixiang Equity Investment
Partnership (Limited Partnership) (“Guoxin” and together with Youfeng and the Chinese CDC, the “China Partners”)
entered into the Ii-Key Innovative Vaccine Development Agreement (the “Covid Agreement”) to set up a joint research team and
a joint entity in China (the “Joint Entity”) that shall jointly develop and commercialize the Vaccine in China. The Covid
Agreement provides that the Company and Generex will provide the Joint Entity with (i) Ii-Key-SARS-CoV-2 technology; (ii) technical know-how;
(iii) preclinical and clinical data and (iv) background material on the Ii-Key platform pertaining to its Ii-Key peptide vaccine technology
(collectively, the “Covid Vaccine Technology”). Pursuant to the Covid Agreement, the Company and Generex provided the Joint
Entity with a perpetual sole and exclusive license to use the Covid Vaccine Technology in China. The Company and Generex shall negotiate
separately with the Joint Entity with respect to the sale of such technology in other countries outside of China. Under the Covid Agreement
Guoxin will provide the funding for the clinical development, manufacturing and commercial registration of the Vaccine for China and the
Joint Entity will provide Generex with the following: </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">1. Licensing Fee: $5,000,000
upfront non-refundable fee due upon the execution of the Agreement.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">2. Royalty Fee: Once the Vaccine
comes on to market for the first commercial sale, then the Joint Entity shall:</p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 20px; text-align: justify"><font style="font-size: 10pt">a.</font></td>
<td style="width: 7px"> </td>
<td style="text-align: justify"><font style="font-size: 10pt">Offer Generex 20% of the equity interests in the Joint Entity for no additional compensation; or</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 20px; text-align: justify"><font style="font-size: 10pt">b.</font></td>
<td style="width: 7px"> </td>
<td style="text-align: justify"><font style="font-size: 10pt">Make cash payments to Generex in a price equal to $2 per dose for the COVID-19 vaccine.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">3. Equity Distributions: the
net profits of the Joint Entity shall be paid first to collectively the Company and Generex until the Company and Generex receives $20
million, then the China Partners will receive the next $80 million in net profits from the Joint Entity and thereafter the Company and
Generex collectively on one hand and the China Partners on the other will receive net profits from the Joint Entity in accordance with
their pro-rated equity interests.</p>
<p style="font: 10pt/10.45pt Times New Roman, Times, Serif; margin: 0 6.55pt 8pt 0; text-align: justify">As of April 30, 2021 there have
been $5,000,000 in payments received under this contract. The Company has recorded $4,500,000 as a due from related party with an offset
to contract liability. Any cash received or expenses paid by Generex have been net against the receivable. Amounts paid by Generex on
behalf of the Company have been presented as a reduction of the due from related party on the balance sheet. As of April 30, 2021, Generex
paid an aggregate of $1,189,957 on behalf of the Company.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">If the Vaccine fails in its
clinical trials, the Company and Generex will compensate the Joint Entity through one of two methods:</p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; text-align: justify"><font style="font-size: 10pt">1.</font></td>
<td style="text-align: justify"><font style="font-size: 10pt">The Company and Generex will grant the Joint Entity sole and exclusive use of its technology and related intellectual property in Excellagen for a license fee of $10 million less the $5 million paid to the Company and Generex pursuant to the Covid Agreement and the remaining $5 million will be paid to the Company and Generex following National Medical Products Administration (“NMPA”), (the Chinese health authority), approval; or </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 24px"> </td>
<td style="width: 24px; text-align: justify"><font style="font-size: 10pt">2.</font></td>
<td style="text-align: justify"><font style="font-size: 10pt">The Company and Generex will grant the Joint Entity with a sole and exclusive license for the whole Ii-Key platform which includes infectious diseases and cancer for a $50 million license fee less the $5 million license fee paid to Generex pursuant to the Covid Agreement.</font></td></tr>
</table>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">Also, on November 13, 2020,
the Company and Generex and the China Partners entered into the Ii-Key Innovative Flu Vaccine Development Agreement (the “Swine
Flu Agreement”). Pursuant to the Swine Flu Agreement, the parties agreed that upon the successful development of the flu vaccine
and receipt of approval from NMPA for the product launch, the Joint Entity shall have a sole and exclusive world-wide license for swine
flu and shall pay Generex a license fee of $2.5 million less certain costs estimated at $500,000. As of April 30, 2021 there have been
no payments received under this contract. </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">The Company and Generex revised
the Work, Cost and Fee Sharing Agreement, whereby the parties agreed to split the consideration received under the Bintai Agreement, the
Covid Agreement and the Swine Flu Agreement as follows: </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">With respect to the COVID Vaccine
Agreement and the Swine Flu Agreement or any agreements entered into among the Parent, the Subsidiary and the Chinese Partners:</p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 48px"> </td>
<td style="width: 24px; padding-bottom: 8pt"><font style="font-size: 10pt">•</font></td>
<td style="text-align: justify"><font style="font-size: 10pt">Any and all fees, royalties or other cash payments paid under such agreements shall be split 90%/10% between the Company and Generex, respectively; <u>provided</u>, <u>however</u>, that Generex shall be entitled to 90% of any cash payments that are derived from technology developed by Excellagen;</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 48px"> </td>
<td style="width: 24px; padding-bottom: 8pt"><font style="font-size: 10pt">•</font></td>
<td style="text-align: justify"><font style="font-size: 10pt">Any costs required to be borne by Generex under such agreements shall be borne by Generex until the common stock of the Company is listed on a national exchange. </font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<table cellspacing="0" cellpadding="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%">
<tr style="vertical-align: top">
<td style="width: 48px"> </td>
<td style="width: 24px; padding-bottom: 8pt"><font style="font-size: 10pt">•</font></td>
<td style="text-align: justify"><font style="font-size: 10pt">the Company shall be the 100% owner of any equity consideration provided to Generex under such agreements; provided, however, that Generex shall be entitled to cash distributions paid on such equity in accordance with clause above.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><b>Payable to Foundation</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">On February 1, 2007, the Company
entered into a clinical study agreement (the “CSA”) with a Henry J. Jackson Foundation (“Foundation”) for two
Phase II clinical trials to determine if a vaccine containing AE37 plus GM-CSF or another peptide vaccine compound (GP2) plus GM-CSF improved
patient outcomes. The Foundation conducted the study, under the sponsorship of an institute affiliated with the United States Military
until the IND #12229 was transferred to the Company (then Antigen Express), after which HJF continued trial management on behalf of the
Company. In consideration for the study the Company agreed to total compensation of $2,700,000 at various intervals over the term of the
agreement.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">On September 1, 2013, the Foundation
and the Company entered into a forbearance agreement (the “Forbearance Agreement”) under which the Company acknowledged they
were $1,315,817 in arrears in its payment and interest obligations to the Foundation under the CSA (the “Original Forbearance Amount”).
Pursuant to the Forbearance Agreement, the Company and the Foundation in exchange for the Foundations deferring the Company’s overdue
payments, future payments and interest, the Company agreed, among other things to pay the Foundation certain royalties and accelerated
payments (“Forbearance Payments”). Effective August 1, 2015, the Company capitalized all outstanding unpaid interest on the
outstanding balance. For the three and nine months ended April 30, 2021, the Company recorded interest expense in the amount of $261,069
and $749,493, respectively, in the statements of operations. For the three and nine months ended April 30, 2020, the Company recorded
interest expense in the amount of and $218,350 and $626,872, respectively, in the statements of operations. As of April 30, 2021 and July
31, 2020 the Company has recorded accrued interest of $4,660,634 and $3,911,141, respectively.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><b>Related Party</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">For the nine month period ended
April 30, 2021, Generex paid expenses of $3,049,389. For the nine months period ended April 30, 2020, Generex paid expenses of $66,438.
During the nine months ending April 30, 2021 the Company has recorded a contract liability of $6,300,000 in the aggregate. This amount
is attributed to the Bintai agreement for $1,800,000 and the COVID agreement for $4,500,000. During the nine months ending April 30,
2021 the Company has recorded a receivable due from related party of $5,110,043, which takes into account payments made by Generex on
behalf of the Company relating to the Bintai Agreement, COVID Agreement, and Swine Flu Agreement.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><b>COVID-19</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">The ongoing coronavirus outbreak
at the beginning of 2020 has impacted various businesses throughout the world, including travel restrictions and the extended shutdown
of certain businesses in impacted geographic regions. If the coronavirus outbreak situation should continue to worsen, we may experience
disruptions to our business including, but not limited disruptions of our ongoing clinical trials and the operations of our partners.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">The extent to which the coronavirus
impacts our operations or those of our third-party partners will depend on future developments, which are highly uncertain and cannot
be predicted with confidence, including the duration of the outbreak, new information that may emerge concerning the severity of the coronavirus
and the actions to contain the coronavirus or treat its impact, among others. Any such disruptions or losses we incur could have a material
adverse effect on our financial results and our ability to conduct business as expected.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><b><u>Note 4 - Stockholders’
Deficiency:</u></b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><b>Capital Stock</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">Pursuant to the Certificate
of Incorporation of the Company, as amended and restated on March 10, 2020, the aggregate number of shares of all classes of stock that
the Company shall have the authority to issue is 760,000,000 shares, consisting of (a) 750,000,000 shares of common stock, par value $.001
per share, and (b) 10,000,000 shares of preferred stock, par value $.001 per share.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">On January 20, 2021 the Company
designated 100,000 shares of preferred stock as “Series A Super Voting Preferred Stock .” The holders of the Series A Super
Voting Preferred Stock shall not be entitled to dividends, conversion, redemption, or liquidation preference and shall have the right
to vote in an amount equal to 3,000 votes per share.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">On February 2, 2021, the Company
issued 100,000 shares of the Company’s Series A Super Voting Preferred Stock (the “Super Voting Preferred Stock”) to
Generex in exchange for 300,000,000 shares of the Company’s common stock, which were immediately cancelled after the exchange. As
of April 30, 2021, The Company now has 100,300,000 shares of common stock outstanding of which Generex owns 64,153,151 shares. The Super
Voting Preferred Stock votes with the common stock and is entitled to 3,000 votes per share. The 300,000,000 shares cancelled by Generex
will be available for future issuance.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><b>Registration Statements</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">The Company filed three Form
S-1s for Registration of Securities pursuant to the Securities Act of 1933 (the Securities Act”) on September 14, 2020. One Registration
Statement relates to the offer and sale of up to 1,700,000 shares of common stock NGIO, by the selling stockholders. The second Form S-1
for Registration statement registered 100,000 shares of Series A Cumulative Redeemable Perpetual Preferred Stock at $0.001 par value per
share. The third filing, is to register shares of $0.001 par value per share common stock and shares of common stock issuable upon exercise
of Common Stock Purchase Warrants. The number of shares to be registered and the offering price have not yet been determined.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">On July 14, 2020, the Company
entered into a purchase agreement with an investor Oasis Capital, LLC (“Oasis”) pursuant to which Oasis has agreed to purchase
from the Company up to $50,000,000 of common stock at 92% of the market price for the period of five (5) consecutive trading days immediately
subject to a put notice on such date on which the purchase price is calculated in accordance with the terms and conditions of the agreement
(subject to certain limitations) from time to time over a 36-month period. The Company also issued to Oasis 300,000 shares under the Oasis
Capital Agreement as a commitment fee in connection with a registration statement. This transfer has been accounted through common stock
and additional paid in capital which has no net effect on equity.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">The Company filed a Form S-1
for Registration of Securities pursuant to the Securities Act of 1933 (the Securities Act”) on May 19, 2021. The Registration Statement
relates to the offer and sale of up to 5,555,556 shares of class B common stock and 5,555,556 warrants, by the selling stockholders. Each
unit sold during the offering can be purchased for $9.00 per unit. Each unit will consist of one share of class B common stock and one
stock purchase warrant.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">As of June 14, 2021, none of
the above registration statements have been declared effective.</p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0"><b>Revenue </b></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-right: 0; margin-left: 0">The Company expects to generate
revenue from licenses to access its intellectual property.</p>
<p style="font: 10pt/105% Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify">If a license to the Company’s intellectual
property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues
attributed to the license when the license is transferred to the customer and the customer is able to use and benefit from the license.
For licenses that are bundled with other promises, the Company utilizes judgement to assess the nature of the combined performance obligation
to determine whether the combined performance obligation is satisfied over time or at a point in time. At the inception of each arrangement
that contain development milestones, the Company evaluates whether the development milestones included are considered probable of being
reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a
significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments
that are not within the control of the Company or the licensee, such as regulatory approvals, are not generally considered probable of
being achieved until those approvals are received.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">As of April 30, 2021, none of the performance obligations have been met
and accordingly, the Company recorded a contract liability of $6,300,000</p>